One question that often comes up for businesses during a pre-launch phase (for the entire business or for a new product or service) is how to research the market for it. Many business owners have heard of market research and have a general idea that they should do it, but then spend time circling around HOW to do it. Here are four ideas to get you started!
- Survey your existing customers / clients – If you are in the pre-launch phase for your entire business, this will not be an option. However, if you are looking to gather information and you do already have a customer base, I recommend that you start here. The people who have already supported your business know better than anyone why they did so and what experience they had, so it makes sense for you to connect with them. How you connect with them can vary. You might have a high volume of them and decide to do an actual poll or survey to gather quantitative and qualitative answers to a basic list of questions. Alternatively, you might use this as a more personalized touch point and call them or set an appointment to talk with them about their feedback. You may even find it helpful to simply think about your best customers and break down what you know about them – attributes that made them good customers – so you can start modeling avatars off of them.
If you are looking to gather information and you do already have a customer base, I recommend that you start here. #marketresearch #smallbusiness #smallbiz #smb #business #entrepreneur
Click To Tweet
- Check your local library – Many libraries have access to market research programs or publications. Some libraries – especially bigger city libraries – may even have a person on-hand who is designated specifically as a small business resource to help you navigate questions like this. If you have no idea where to begin, let your community help you and see what doors that opens for you.
- Make an appointment with your local Small Business Development Center (SBDC) or similar small business support organizations in your local area – Depending on where you are located, there is likely a nonprofit or government-funded organization near your area that exists to help small businesses start or grow. Different organizations have different mandates. Some offer drop-in coaching sessions, some offer organized workshops, some offer training programs of longer duration. It doesn’t hurt to check out what is available to you, make a call, and find out what kind of support is available. In the case of SBDCs, many of them have access to the same kinds of market research software that a library could offer you. If you are looking for more insight on the types of organizations that exist to serve small businesses in this way, read here!
- Social media research – One way that social media can serve you is in how much public-access information it provides. Check out the websites of companies or influencers in your industry, find their social media presence, and see what other pages they are following and who is following them. Look for hashtags that describe your products or services and see who else is using them and what they are saying. Go down rabbit holes. If you are doing a task like this, know that there is no end to how much of this you can do, and there will be a point of diminishing return. However, spending some time with a project like this can help you organize your understanding of the markets for what you sell, how others are talking to those markets, and other such important marketing information. Market research will help you find efficiency in operating your business!
Market research will help you find efficiency in operating your business! #smallbusiness #marketresearch #smallbiz #smb #business #entrepreneur
Click To Tweet
If you are getting ready to launch your whole business or a new product or service line – or even if you are further into your business but never took the time to do work like this – market research is a valuable way to make sure you are running in the right direction. As important as it is, it is common for business owners to feel overwhelmed or confused about where to begin. Hopefully this gives you a few ideas to get you started!
The post Four Ways to Do Market Research appeared first on Melissa Forziat Events and Marketing.