Too many business owners skip the research phase and move straight on to marketing. Don’t make that mistake and read on to learn why market research is so essential for success.
It doesn’t matter what business you have or industry you’re in. Doing research is one of the most overlooked yet one of the most important, steps in succeeding with any business plan. You can only develop a successful business if you have a clear idea of what you’re offering and what you’re up against.
Do you know what kind of person you’re serving in your market and what they’re looking for? Before you even step foot into any market, you should have a clear idea of the major players in it. You should also have clarity regarding the market’s potential to grow and how large it is already.
All of that can be answered by doing a little bit of market research. How deeply you want to research a market is up to you; a Google search isn’t as good as delving into market records. Yet, it’s also better than nothing.
And any marketing plan can only be as good as the market research behind it. Keep reading below to learn why.
Doing Research Is as Easy as Participating in Your Market
Every market has two kinds of participants: consumers and providers. Companies provide goods and services to consumers who purchase them. It’s a process that’s as old as time, and it’s the fundamental principle of any market.
You can use this basic aspect to your advantage. Before setting up shop anywhere, you can dip your toe in the market and participate in it as a consumer. Just spend some time browsing other companies’ wares, so to speak, to see the market as a consumer.
It’s called primary market research. Most of it is qualitative data and can’t be measured in the ways people usually expect. However, it does give you a unique perspective as a consumer so that you can know what people would expect out of your company before starting out for the first time.
Secondary Research Takes More Than Seconds
Most of the numbers associated with market research come from secondary research. During this stage of market research, you should step away from the market and collect hard data about it. Get an idea of the demographics of your market as well as its value and potential for growth.
The deeper you delve into the numbers of your market, the better idea you will have for what your company should be. If you know your market is dominated by 18 to 24-year olds, then your target market should be college students. Develop your marketing plan around your secondary research and you’ll be set up for success.
Every Market Can Be Researched
There is no such thing as a market that can’t be researched. For example, you may ask yourself, “what is equity research?” It can seem impossible to measure the different aspects of an equity market.
Yet it’s actually one of the most thoroughly investigated markets. The companies in it all know who to target and how to sell themselves, and if you sell equities, you need to do the same. Never assume you’re the first to a market or that there isn’t information about it.
You should especially enter digital markets with a large amount of information at your disposal. It’s key to any successful digital marketing plan.
Every Marketing Plan Needs Research to Back It Up
You can’t just develop a brand and make a couple of social media accounts and claim to have a marketing plan. It needs to be backed up by doing research. The numbers you get from secondary research and the information from primary research are combined into a cohesive plan.
Consumers will be able to tell if you’ve done your research and will flock to you. However, getting started can seem intimidating. Luckily, you can keep exploring our marketing tips here to help you get a clearer sense of how to market yourself.
Alex Brian is an entrepreneur, marketer, and writer. As Hawaiian resident, he loves beaches and bathing in the sun. That's where he finds his inspiration to author in-depth guides that teach E-commerce store owners ways to manage, grow and scale their business. In a former life, Alex worked for Cox Customer Service which generates 6-figures in annual revenue through its website and retail.