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What Market Research Can Do For Your SME

Market research is vital for the success of your enterprise. Depending on the nature of your business, your market research needs will vary. Although most companies are aware of the importance of market research when starting out, many overlook the fact that market research should continuously be a part of your ongoing market strategy.

Market research is an incredibly valuable tool in order to help you find information about your competition and potential new customers as well as beef up your subject matter expertise (SME).

Key information areas include who offers similar products/services to you, who has a need for your product or service and how much are they willing to spend. Market research can help you define how much people are willing to spend, how often they will utilize the product or service, and what specifics they are looking for within the industry.

How NOT to Manage Your Brand: Things to Avoid for Effective Brand Management

Managing your brand is not always an easy thing. It’s like trying to wrangle an unruly pet – there are times when you think you are in control, but really, at the end of the day, you’re the one on your hands and knees cleaning up its mess. But, there are many ways you can take control of your brand and make it do what you want with effective brand management.

How NOT to Manage Your Brand: Things to Avoid for Effective Brand Management

There are many articles and experts who tell you what you should do, but few tell you what you should NOT do. By being more aware of these pitfalls, you can avoid them, and truly push your brand forward.

5 Ways to Research a Market without a Budget

If you are looking for ways to expand your business, enter a new niche, or increase revenue from your current niche by finding new customers, then you will need to do some careful market research to proceed. It is time-consuming and expensive to simply try to expand without carefully testing the waters to determine if your idea is likely to succeed. Unlike large corporations able to hire a research firm or even with an in-house team, any research a small or medium size business conducts creates additional expense or manpower needs.

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However, there are some effective methods available that minimize both and will allow you to move forward with confidence into new markets.

WordPress Plugin

The simplest and most direct way to get market data and demographics is from your own website. If you are trying to determine new products or price points for your current customer base, the absolute easiest way is to ask them. If you (or your web developer)  search plugins, you will find numerous available that will allow you to easily add short marketing surveys directly to any page of your website. These are free and take only minutes to set up.

What Do Your Customers Like To Read?

In any consumer-driven business, effective marketing is essential. However, with so many companies competing for your customers’ attention, it can be difficult to make yourself heard. Overtly promotional copy and long, convoluted press releases simply won’t cut it. If your customers aren’t immediately interested, they will move on without a second thought. Because of this, it’s imperative that you figure out how to engage your customers from the first word. For most companies, this will require some research.

Understanding the Consumer

Before you can figure out which marketing practices will work best with your customers, you need to know who your customers are. Conduct some research to find out the average age of your consumers, their annual income and their usual gender. For instance, you may discover that your target market is middle-class women in their 40s.

After you have identified your target market, you can use data about that market to choose the best marketing practices. For example, if your target consumers are in their 20s and 30s, chances are good they’ll respond well to social media marketing. However, older consumers weren’t raised with social media and may respond better to email marketing or other forms of advertising.

How Important is Market Research?

I’m introducing a new weekly post from my Marketing Associate, Natalie Grbic. Natalie is studying Marketing at the University of Central Florida, and will present the topics she’s studying in marketing, while I will follow up with real-world examples. Hope you like it!

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Natalie
As marketers, why do we need research? This was the first question my Marketing Research professor posed in the first lecture class in the beginning of the semester. He then asked, “Isn’t a major in marketing enough to teach us what consumers need, so that we don’t have to conduct any more research?” I thought for a moment and came to the conclusion that the answer is no.

As marketers, we are learning tools and factors, not the answer. We can’t only rely on our own interests and needs because if there is something you should know, it is that you “don’t know.” With research, we are continually keeping up to date with the ever-changing tastes and preferences of consumers. It also reduces the uncertainty that marketers may have.

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