Market research, whether conducted formally or informally, is a critical step in launching a successful business. Whether your goal is to launch a new product or service, expand into unexplored territories or improve sales, market research is a means to determine if and how your product/service will satisfy the needs/overcome pain points of its target audience.
What primary information should you seek in market research?
- Demographic information: Typically obtained from an area’s local chamber of commerce, yellow pages or web directories, this information is particularly important if your business has a physical brick-and-mortar aspect to it where you will be looking to attract customers. Thoroughly study areas of high target audience density, competitors’ presence in those areas, locations with highest annual revenue for your industry type, etc.
- Demand and supply scenario: What products/services your competitors are offering and what are their price points, how much are consumers willing to pay for a product/service that solves their existing challenges?
- Customer Behavior Patterns: Are your potential customers brand loyalists or opportunists/experimentalists? Do they have a preference for certain features/type of brand messaging? Are their purchase patterns affected by service quality/discounts/socio-political-economic changes/seasonal disruptions?
How market research can help turn an average every-day experience into a successful business
Starbucks needs no introduction, but do you know how the hugely successful coffee chain made it big in an industry where there is no dearth of fancy coffee chains? It leveraged market research to figure out what really mattered to consumers and just how much they would be willing to pay for it. The research revealed that in addition to quality coffee, it was ‘good ambience’ that coffee lovers craved – a place where they could chit-chat, surf the internet, and basically do their own thing. The result? Every Starbucks café is known for its free Wi-Fi where consumers, typically college students, entrepreneurs, working professionals are welcome to set shop for hours and do what they love.
Why outsource market research to the experts?
Besides being a time and cost intensive exercise, market research is best outsourced to specialist firms as various business disciplines such as procurement, logistics, sales and service fulfilment, etc. need specialized expertise. Here are a few benefits of outsourcing market research:
- Lends an objective third-party view: As a business owner/leader, you tend to be passionate about your idea/product and this can keep you from objectively looking at the results from a market research survey. The consumers may not be as interested as you perceive in a business of the kind you plan to launch or people may be longing for a similar product/service but with a few changes/additional features.
- Market research professionals are up to speed in leveraging the latest technologies and tools to accelerate the process and produce accurate results
- Equipped with cross-industry expertise and knowledge of best practices, market research experts can help interpret results better to drive superior business outcomes.
- Market research firms have access to a large data set of consumers as well as knowledge of geo-specific market research regulations and compliance norms.
Habiliss’ virtual assistants are experts in online market research and whether you are looking to outsource procurement, get sourcing intelligence, or conduct comprehensive market research, we guarantee the best service quality at a cost-efficient price point.
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