The quality of a market research process will define the quality of your Comprehensive Business Plans and your ability to target profitable market niches. Here are some dandy tips to improve the quality of your market research.
Questions to Ask
- Is a combination of goods and services a better, more competitive rendering for the market than just a product or service?
- What is your advantage? Price? Superior Product or Service? Timing? Barriers to entry?
- What should you emphasize? Quality, Selection, Location, Service, Your Expert Status or the History of the business?
- Can you effectively compete?
- Define your Competition. What’s their Edge?
- Who are your best customers? Why?
- What are their Demographics? Psychographics?
- Why do they buy?
- What media do they interact with?
- What is their spouse doing for a living?
- What is their purchasing mindset for the next year?
- What are the best aspects of your business in the customer’s view?
- What improvements do customers want?
- Do they want more free fundamental interaction like a Newsletter, E-book, Articles, Forums, etc?
Customers
Current and prospective customers offer the very best marketing research information. Be certain to prepare a survey just for them. Put these questionnaires prominantly on your website. This is an excellent way to define your very best customer and uncovers the reasons why they buy from you. This will also provide excellent information on your competition and how you stack up against them.
The Internet
Marketing Research Bonanza is the World Wide Web!
- Use multiple Search Engines.
- Use Chat Rooms and Forums. They can serve as Focus Groups and provide invaluable Marketing Research.
Customer Hot Buttons
If you can determine your Marketing Appeals or what your customer hot buttons are that lead them to purchase, you will easily be able to create a Marketing Campaign that speaks directly to these customer needs and wants. As Small Business Consultants I see where businesses often neglect or fail at determining their customer’s real hot buttons.
At the End of your Market Research Process
At the conclusion of your initial Marketing Research, ask yourself:
- What customer needs, wants and niches translate into “x” amount of profitability?
- What improvements are needed for your business and Business Plan Process?
- How can your competitors stymy your growth?
- How can you lose current customers?
- What measures need to be taken to ensure your Products and Services don’t become obsolete?
- What changing Trends affect your business?
- Who do you need to advise you about running your business? spark off new ideas?
Remember: The Quality and Source of your Marketing Information defines the efficacy of your Research. You need High Quality and Reliable Information, and these two variables are the key to your future success.
About the Writer
This article is written by Frank Goley, business consultant and business planner for ABC Business Consulting. Frank is an expert in writing, developing and implementing business plans, business turnaround plans, business funding plans, marketing plans, strategic plans and web marketing plans. Frank offers comprehensive business consulting, business coaching, business turnaround consulting, and web seo, web development and web marketing consulting to small and medium size companies. Frank is author of the business plan book, The Comprehensive Business Plan Workbook – A Step by Step Guide to Effective Business Planning, and he has over 120 published articles on business success strategies. He also writes the Business Success Strategies blog.