Business owners want to know what products and services their customers would most like. One way of ascertaining this is to ask the customers directly. Another option is to conduct market research.
Market research tells a company whether they are meeting customers' demands and expectations. "By researching the answers to specific questions, small-business owners can learn whether they need to change their package design or tweak their delivery methods–and even whether they should consider offering additional services," writes Lesley Spencer Pyle in an Entrepreneur article.
Likewise, William Bill of Wealth Design Group LLC in Houston emphasizes that market research provides a kind of road plan for your business. "A good market research plan indicates where and who your customers are. It will also tell you when they are most likely and willing to purchase your goods or use your services," he explains to Entrepreneur.
There are a variety of different market research strategies. The different options can be split into two categories: primary research and secondary research.
Primary research involves compiling data for the purposes of analyzing sales, while analyzing competitors' plans as well to provide you greater insight. This mode of research may include interviews or surveys, among other techniques.
Whereas primary research directly analyzes your company's current sale plan and effectiveness, secondary research considers published data and industry findings. This may come from government agencies, chambers of commerce, trade associations, and other organizations, explains All Business, a small business online resource.
While these sources are important, it is critical that they be supplemented by first-hand primary research. In addition, make sure, that for your primary research, you are actually interviewing customers, not just friends or family members.
Conduct KeyMedia Solutions to learn more about the marketing solutions we provide, including display advertising, targeted advertising and videos.