Why you should focus on improving your market research strategy
Market research is essential to every business. However, SMEs are sometimes quick to dismiss its significance, often due to lack of time and resources. Liniar’s Simone Sangha explains.
There are many reasons to carry out market research, which can be crucial for both sales and marketing teams:
Minimise business risks. When it comes to product launches, testing and getting feedback from your target market can be invaluable. Confirming interest before launch will massively lower financial risk and enable you to find out vital information and make modifications before it goes to market.
Create opportunities. Looking at competitors and profiling your ‘ideal customer’ will help to clarify who you need to target and where you can reach them through different marketing channels. Once you know what and who you’re looking for, the process of building a portfolio of connections will be much more efficient.
Relevant promotions. Feedback from target users can help you promote new products and services, whether on social media, website pages or brochures. You’ll generate far more interest if you’re showing potential customers what they need or want to see.
Carrying out research digitally is easier than ever before, and there are many ways to do this alongside running your business:
Online survey. There are many surveys you can create for free using tools, such as Survey Monkey. Set up questions, iFrame the survey into your website, and email the link to anyone whose feedback you’d like. Keep it quick and simple to attract more feedback, and perhaps offer an incentive to complete it, such as money off the product once launched.
Social media. Each platform has its own way to get feedback about your products or service, including Twitter and Facebook polls and ads, or Instagram stories. You can heavily target your audience for better responses.
Existing customers. What better way to improve processes than to ask your existing customers? Not only will this be a great way to show your customers that you invest in development and value their feedback, it will help develop closer relationships and often result in invaluable knowledge about your wider business.
Competitor analysis. Whichever service or product you are selling, knowing your competition is vital. Evaluate their strengths and weaknesses and use this information to really maximise opportunities.
Bonus Tip. I would recommend using an email software provider to circulate surveys and make efficient use of time and resource. Liniar uses the industry-specific Stem software from Insight Data.