Are you really giving your target audience the product they crave? Have you actually defined your market enough to know that you have a core audience? Or do you cover all your advertising options and just hope for the best – someone out there will want to buy your product?
Know your customer
Rather than go by gut feel alone, the canny business will seek to understand who their customer is, where they are and what it is they really want. Sounds like a lot of hard work and difficult to do – you can’t ask everyone…
What type of market research do you need?
What you can do is start to create a robust picture of who you are appealing to and why by using a number of market research techniques, from quantitative to qualitative analysis through to small, well-defined focus groups and one-to-one interviews.
Depending on what you want to find out and how deep you want to dig, these types of investigation can give you a much clearer and more scientific understanding of who wants your product and why.
Market research – it’s all about questions, questions, questions
Of course there’s much more to research than just asking random people a few questions – we would say that – but answering one question can just lead to the need to ask another, so your surveying needs to be smart, focused, joined-up and, depending on the methodology chosen, not too long.
You could put your own questionnaire together, but you may well tie yourself up in knots; working with a dedicated independent market research agency who understand these issues can avoid wasting your team’s valuable time and get you your answers, the right ones, faster and more accurately. Independent research will help to reduce bias, ensures anonymity of respondents and eliminates customers providing feedback to your employees which is more positive than what they really think.
Getting robust market insights
Equally as important as asking the questions is analysing the results and building a report that can inform your business moving forwards. This is another reason why using an experienced research agency pays dividends: as well as showing you what people think, dependent on the type of research undertaken, they will be able to show you emerging trends, competitor activity and what could make your product more desirable – a path for the future…
Market research is for everyone, large or small
Food for thought? Big businesses like Coke, Apple, Cadbury’s and Disney don’t move a muscle without pre-launch researching any potential activity they might do. Even once they’ve launched something, they’ll keep revisiting the research to make sure they’re delivering just what the market wants and keeping up with changing expectations, aspirations and tastes.
You might not put yourself on a par with these big players but that doesn’t mean that you can’t be just as switched-on as them when it comes to knowing your audience…
If you’d like to find out more about your potential market, give one of the market research team at Actuate a call on 01752 511579 or email us at email@example.com. We’re full of questions!