Why market research is so important for business
Market research, a lot like other aspects of business, isn't a ‘one and done’ type situation. Your target audience, along with your brand, will go through changes, waves, and stages regularly, so it’s super important to keep up with this.
I think we forget how powerful consumers, customers, clients, followers, and buyers really are - so researching them and the things they love to see from your business can make a huge difference in engagement and traction to your website, in turn, making sales stick!
This week we’re going to dive into all things market research; what to ask, what to look for, and tips on getting the most out of your time and energy when conducting this research.
With us reaching the end of Q3 and coming into Q4, what better time to evaluate and plan than right now! So let’s get into it!
What is market research?
Let’s start with the basics - what even is market research?
It’s all about your business’ buyers’ personas, target audiences, clients, and customers to see how your brand and what you offer stack up amongst these people.
In a nutshell, we conduct market research to learn all about what people say when you aren't in the room. Is your product/service the one that people have in front of their minds? Is your brand trustworthy and reliable to buyers? Does it address the pain points of your target audience?
These are just some of the questions we have to theorise when we are thinking about market research.
Why do you need to do market research?
Market research is super important to make sure your business is appealing naturally to your target audience and that your target audience is understood well, at the end of the day, those are the people that will (if successful) turn into loyal followers and sales for your business.
The more you understand about your target audience, what they like to see, what they need from you, their pain points, and what drives them to be engaged with your business, the better. This understanding can then help you craft and plan your social media content, your website layout, how you show up, what you launch and so much more!
Not only does it help with understanding your target public, but it also helps with understanding your competitors as well. It can help you see where your business sits in comparison to other brands in your niche, it can point out what other businesses are doing well and also what to avoid and what other brands your target audience is going to for information, coaching, services, or products.
There are so many benefits that market research can supply to your business, especially when it comes to knowing what is successful and not so successful in your niche!
What does market research look like?
There are so many different types of market research that it can be tricky to know where to start or what to look for. So here is a breakdown of the different types of research you can do to get the most value out of your time (and, of course, so it suits your business).
1. Look internally!
Your own brand can hold a lot more information than you first think. It holds all of the market research and data that you’ve already collected, so it may just need a bit of an update!
You can look at retention rates of your clients and customers, website taps, annual revenue, lead follows and content engagement can tell you so much about what people are coming to your platforms for. So have a look at what works and what doesn't and adjust your strategy from there.
2. Talking to clients and customers
Sometimes it's as simple as just asking! Whether it’s in survey form, a poll on your IG stories, an email with a link to answer some questions, or DMing your followers directly, simply asking what they like to see from you or what they want out of you can be so valuable!
It’s getting your need-to-know’s straight from the horse's mouth, so no question will be left unanswered and your data can be collected directly from the people it affects the most.
3. Looking at competitors
Like we said earlier, knowing what your competitors are doing and where you sit in comparison to them is always valuable information to have, but so is learning from them.
Look at your competitors and see what they are doing well and which of their platforms/posts are getting the most traction. You can see what they’re posting on stories, what they’re launching and when, what they’re writing about and anything else you think is worth having a look at.
This can help you keep up with trends, while of course doing your one thing, see what your similar target audiences are attracted to and, also, what you can avoid doing.
What questions should you ask your audience when doing market research?
So once you’ve decided on how you are going to approach your audience, you now need to figure out the specific questions you’re going to ask to get the most succinct and detailed answers.
Luckily, we’ve compiled a list of some great questions to start you off - you can add these to a survey, create polls on IG, or even send them through DM or email (after you ask of course)!
How did you hear about us?
What made you choose us?
What features do you like most about our product/service?
Is our product or service easy and convenient to use?
What do you wish our product or service did that it does not already do?
Are you aware that we offer _________?
Are you aware of what we have just launched?
Did we answer all your questions or solve your support problem?
Can we help you get started using our product or service?
Were you satisfied with our promptness?
Would you be willing to tell friends, family, or colleagues about us?
How do you rate your experience with us?
Would you buy from us again?
Was our brand/business/personnel easy and friendly to work with?
Why have you decided to leave us / not renew?
Implement some of these questions when you decide to conduct your research and see what results you get back! Remember you can always adjust and adapt them to make sense with your business and target audience.
What should you look at with your competitors?
When it comes to having a look at what your competitors are doing, remember that you're not comparing to see who the better brand is. Don’t feel like you need to pick out everything they are doing right and wrong or seeing how they are doing “better” than what you are - this is not the point.
You don’t have to go crazy with comparisons, we simply analyse our competitors to see what is successful, not so successful, what is addressing the target audience’s paint points well, and what they are doing to boost engagement - just be aware.
Determine who your competitors are first by looking at your niche; see what they offer and what tactics they use to offer it to get desired results. During this, you can also compare their prices and perks, their freebies, and also how their platforms are set out - all of this contributes to how the flow of traffic and website taps.
Like we said earlier, this is not for you to compare which business is “better” and to take ideas, just be aware of the competitors in your niche and compare approaches.
Tips for market research
If you haven't heard episode 93 on this topic with the amazing Margie Agin, then I suggest you go do that now!
Margie gives great information on what we’ve jumped into today plus so much more. But most importantly, she’s given us her top tips for market research!
Some of the most important things to remember when you are looking at doing your target audience research are:
Ask questions and be a good listener. There’s no use trying to gain information from people while not listening, show you care!
Build those patterns to create a message and story. Sharing stories with your lessons makes it so much easier for your target audience to relate to you and your brand, so don’t be afraid to get personal.
Get good at interviewing people. Practice makes perfect, so set out your questions, approach the people you want to interview, and be confident!
These 3 things are super important to remember, at the end of the day this is all for your business’ benefit to be the best brand owner you can be. If you’d like some more tidbits like this, check out episode 93 here or check out Centerboard Marketing, suggested by Margie, which has some great information!
Final thoughts
Conducting market research is a very eye-opening and valuable thing you can do for your business. The processes you take and the questions you ask can really help you improve the way you target your desired audience and address their pain points, bringing your business to the front of mind in your niche.
Once you have your market research in order, your business goals and overall direction will feel so much clearer, trust me. Make sure that once all the information is collected, you have a place to store it and come back to it when you need it; luckily we have the perfect place for you to do that. Download Content Queen’s Content Template for FREE and you’ll be able to collect all the info you need from your target audience in one organised place, it’s that simple.
Also, don’t forget to check out Margie on LinkedIn here for all of your market research tips and needs!