When you first set up a small business, it can be extremely easy to get wrapped up in product development and product design. This isn’t all too surprising – you’ve had a great idea that you think could make waves in the consumer market and make you a whole lot of money. You’re going to want to dive right in and start seeing whether it can be brought to life and, if it can, you’re going to want to create prototypes so you can hold it in your hands and see its potential. But it’s extremely important that you don’t get ahead of yourself too early on in the journey. Before you so much as consider investing money into developing a product or making it a reality, you’re going to need to get a whole lot of insight into consumers themselves. At the end of the day, these are the people who determine your brand’s success and your products’ success. They’re the people who will (hopefully) purchase your products and generate a profit for you. The better you understand them, the better you’ll be able to cater to their wants, needs, and preferences. This is where market research comes into play!
What Is Market Research?
Market research is essentially any research into consumers and their behaviour. You can learn a whole lot about what people want and what are they are willing to pay for by conducting surveys, getting people to complete questionnaires, holding focus groups and seminars, and conducting a whole host of other market research tasks. Just make sure to get consent and to record all data collected properly. The results will help you to understand whether your anticipated projects will prove worthwhile.
Carrying Out Market Research
Carrying out market research can be relatively difficult if you try to always do it alone. There are two options that small business owners will generally take when conducting market research to make their lives easier. These are outsourcing the work or building a specialist in-house team.
The best option for most small business owners is to outsource their market research with reliable companies like Intercept. They’ll already have numerous people on their books and will be able to get in touch with people in your target demographic quickly and easily. They’ll have plenty of experience in conducting market research and will be able to give you reliable results fast. This is perfect for one-off research jobs.
If your business develops and expands, you may find yourself coming up with new products at an increased rate and you may, consequently, find yourself conducting market research more and more often. If this happens, you may be better off bringing your market research in-house. This ensures you always have someone on hand to check out what’s going on with your target demographic in direct relation to your ideas as you’re developing them.
As you can see, market research can greatly contribute to your business’ success. Without it, you could end up wasting a whole lot of time, money, and resources in launching products and product lines that may not prove successful with the consumer market.
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