Which high school student were you: the one who diligently completed all the research and wrote impeccable papers (with the bibliography neatly stapled to the back) or the one who threw something together out of thin air (with no sources whatsoever)? Chances are you were somewhere in the middle, slogging through the research and just trying to get it over with. Straight “A” student or not, as a small business owner, you will need to up your research game if you are going to have a real shot at reaching your target market!
Research is important not just for the sake of being able to list your target market’s qualities, but rather to uncover their needs, desires and habits. Along with deeper knowledge of your customers, you will also have a better understanding of your competition and where they stand.
Thorough market research is an important investment for your small business
The world is changing quickly and it can be felt in many small businesses as they rush to keep up with competitors and an evolving landscape of social media, marketing and customer demands. Some may feel that market research is useless because things are changing so quickly. However, what we have found in many years of working with clients (and through a vast number of changes) is that market research is more than just another marketing expense.
If you treat good market research as a priority, it will give your business legs to stand on when everything else feels wobbly.
Why, you might ask?
As you come to understand your target market more intimately (as well as your competition), you will also see trends in how they behave, what they like, where they hang out online and more. These patterns will give you a deeper understanding of which technological changes to embrace and which ones to let fall to the wayside. Not only that, basing your brand’s mission, values and voice on a message that resonates clearly with your target market will give THEM something to hold on to when the waters feel choppy.
With better market research, you will be able to assess the effectiveness of your brand’s message and marketing campaigns and reach your target market with more ease. And if something makes life easier as a small business owner, we say EMBRACE IT!
Here are some tips:
- Nail down your target market. Understand them so much that you can write a detailed profile, including age, likes, dislikes, habits and more.
- Assess your competition to find your position in the market, your competitive advantages and disadvantages and learn from your competitors’ successes and failures.
- Perform a SWOT (strengths, weaknesses, opportunities and threats) analysis of your business
For many of our clients, and surely most small business owners, market research can feel like an utter time suck. Although it is an important part of your brand’s longevity, you can still outsource this to people like us. We were the students with impeccably written research papers (with biblios neatly stapled to the back of course), and we would be happy to help you dive in to your market research!
Head here for more about what we can do to help your small business THRIVE.
