Business owners and marketing professionals who understand the value of gathering market research are a step ahead of the competition when it comes to making major business decisions (website design, product lines, services offered…). If you want your business’ website to make an impact and be effective, learning how to gather and use market research needs to go at the top of your “to do” list.All too often, businesses talk at customers rather than have a conversation with them. Click To Tweet
5 Key Benefits of Market Research
Market research focuses your attention on your customers
The customer is ultimately your boss and you need to make sure you are meeting and/or exceeding their needs and expectations. This holds true for both your bricks-and-mortar location and your website. When determining what is important to your customer-base, it’s essential to remember that you are the business owner or employee, NOT the customer. Your opinions about what is important, valuable, desirable… may be different from theirs.
Market research keeps you focused
When you use market research, you tap into what is most important to your customers. Having this knowledge will help you to maximize your time and provide insights for how to execute your short and long-term marketing plans and business goals.
Market research highlights the opportunities
Business owners want to grow their business and be successful, but the right path for achieving that isn’t always clear. Market research can help to identify opportunities with the best return on investment (ROI) that fit with your business’ objectives.
Market research directs you toward the future
Utilizing market research allows your business to evolve in a way that meets the long-term needs of your customers. If you aren’t keeping your customers satisfied and staying attuned to what they want and need, another business will!
Market research helps with decision-making
When you use market research to guide your business decisions, you reduce the risk of failure. Changes you are considering can be evaluated based on research that pertains to your business sector, product category, audience demographic, or competition.
As previously stated, using market research helps to give you a competitive edge when making major business decisions – such as making major website changes.Market research is more than helpful; it’s essential for staying competitive online. Click To Tweet
5 BIG Reasons to Leverage Market Research
Developing and refining your online business strategy
Market research can help you to identify where your brand stands in relation to the online competition, what key business metrics you need to monitor, and what your target market cares most about when it comes to your brand or industry sector.
Connecting with your target market by developing market personas
Market research can help you find the best target demographic for your product or service. Developing “market personas” will help you identify each potential customer type including demographic, economic, and emotional characteristics of your ideal customers. When you focus your website’s content on the right personas, you can see enhanced results, greater efficiency, and improved performance from your online and direct marketing efforts.
Refining your online communication strategies
All too often, businesses talk at customers rather than have a conversation with them. Market research can help you to develop authentic messaging that will resonate with your target audience and get the conversation started about your brand and offerings.
Innovating for future growth
Having access to market research will allow you to zero in on growth opportunities for your business that target your customers’ interests and needs. Whether it’s information found in published reports or trade publications, these sources offers a wealth of information about current and projected consumer behaviors, trends and forecasts. In addition, staying informed of changes in your industry will help you stay ahead of the competition and be prepared to seize opportunities or navigate disruptions before they actually happen.
Understanding your competition
Understanding the competition in your marketplace is crucial if you want your business to survive and thrive. Market research can reveal how consumers perceive your competitors’ products and services. Reading social media comments and review sites like Yelp and TripAdvisor will also provide insight into what customers are saying. Take a look at both online and offline competitor websites, not only to see what you should include in yours, but also to figure out ways to stand out.
Getting excited about the possibilities market research can bring?