What Market Research will tell you

We recently discussed why market research was important and here we explain what you can learn from having conducting effective market research.

Know your customers – Market research will help you better understand your customers in a number of ways including their age, gender and geographic spread. The better you know your customer the easier it to target your marketing and fine tune your product or service.

Who are your existing customers and where do they live?

Who are your potential customers and where do they live?

Know your competition – Market Research will help you measure your service compared to others. What are the strengths and weaknesses of your business and are you improving in the areas that customers demand?

Do you have the products or services that people want?

Do you represent value for money?

How does your business compare to that of your competitors?

Ease of doing business – Do your customers find it easy to deal with you and so they find what they want? Is there sufficient advice and assistance on hand?

Do you make it easy for your customers to buy?

Are your employees properly trained?

Marketing – Is your marketing reaching the right people and is the marketing message clear and effective. Which marketing channels should you focus on and which, if any, should you drop?

Is your marketing message understood?

Does your marketing properly represent your brand?

Do you advertise through the right channels?

Are you reaching the right people?

Future Trends – Attitudes change and fads come and go and good market research will allow you to spot the changes in trends and attitudes. Don't get stuck holding the baby and instead be first to market.

Are you able to spot new trends?

Are you able to detect the early signs of decline in current trends that could affect your business?