How To Use Market Research In Your Business
If you read our earlier post about why market research matters, you may now be asking yourself how to use market research in YOUR business. Here is a quick checklist to get you started.
• Make sure you have a clear brand
Use what you learn from market research to better define who you are as a brand and to clearly articulate what you do/produce/sell better than anyone else.
• Clarify the benefits you provide
Emphasize benefits instead of features in your advertising, your content creation, and in your collateral materials. This will increase the perceived value of your product or service.
• Look at how you compare to the competition
Determine what they excel at and how you can keep your unique product or service while taking away some of their edge.
• Create a profile of your ideal customer
When you can identify their needs, what causes them pain (or frustration or anger or a loss of something they value like time or money), or what stirs their emotions, you can then offer a specific solution.
• Continue to collect data from multiple sources
Once you know your ideal customers, you also know where they spend their time. Go there (blogs, networking and other events, social media) and listen to their concerns. Ask yourself “how can I help?” without jumping into the conversation and selling to the audience just yet.
• Use the information you gather sooner rather than later
Too many people gather information and then do nothing with it. Act on what you learn so you are serving the right market for your product/service.
• Decide where to grow
Use the solid data you collect to make smart decisions. You’ll know where to
– Expand your product line or services
– Pursue new opportunities
– Follow trends
– Improve or modernize
– Take a completely different direction
• Communicate effectively
Once you have identified your client, listened to his/her needs, made evident your ability to meet those needs better than the competition with clearly defined benefits, and decided to take action and grow your company, you need to communicate often and well. Your message—whether advertising, blog, e-mail newsletter, packaging, promotional material, or website —must touch your audience. With your market research, you will know how to make it all about them and answer the ever-present question: “what’s in it for me?”
• Always ask questions
– What are my objectives for collecting this piece of market research?
– Where is my business growing?
– What is changing?
– What solutions can I match to new needs?
– What is my competition up to?
– What feedback can my employees provide?
• Continue to monitor your data and make adjustments
We at Tate Design can help with analytics monitoring and market research. Give us a call at 610.725.0702 or e-mail email@example.com.