Happy are currently carrying out some market research for a client who want to understand their customers’ curtain buying behaviours. What are they looking for? What problems do they face? Where are they shopping? This research so far has uncovered some great insights that we believe, will only help the client to grow.
It really is surprising how only very few companies carry out regular research into not only their target market but also into their competitors. How can you market a product or service to a market you know very little about? And how can you keep track of what your competitors are doing? The market place is becoming more and more competitive as customers become more buyer savvy. So how can you ensure you are ahead of your competition? One word: Research!
I can already tell what you are thinking… It’s too time consuming/ too expensive/ or you don’t know where to start. It’s a good job I know a marketing agency that can help! Still not convince? Then let me explain the top 5 reasons why thorough market research can only ever lead to better things…
1. Understanding your existing customers
Understanding your customers will only ever benefit your business and help you to target them with communication materials that will grab their interest. If you are asking the right questions then you will get an understanding into who they are, what they like/dislike, how they feel about your product/industry, the list goes on and on…
2. Identifying potential customers
By understanding who the majority of your existing customers are, you will then be able to identify who your potential customers are. For example, if a lot of your customers are small businesses with less than 10 employees then it is likely other companies in the same situation will be interested in what you have to offer.
3. Create an effective strategy
By carrying out market research you will be able to uncover what is working and what isn’t and how you can change for the better. Your customers may not like your pricing, so then you might decide to lower the price or offer an additional extra for free. Your customer might be on social media so as a result you create a social media page (I’ll be shocked if you don’t already have one!) and target your customers with content they want to see.
4. Identify Opportunities
The market you operate in might be under-serviced according to your customers. Is there something you can do to give them what is missing? Are you customer behaviours changing? If so, what to and how can you utilise this?
5. Understanding the competition
Can you name a company with no competition at all? I can’t. Companies in the same industry are competing for the same customers. So how can you get ahead? Understand what your competitors are doing and do it better! Become their stalker and track their every move, I don’t mean stand at their window of course, that’s a little creepy! Have a look at their social media accounts, hold focus group with customers, pretend to be a customer.
So now you have my 5 top reasons to conduct market research, so what are you waiting for? Go, go, go!
If you need a little guidance on how to begin then let us know and we will be Happy to help! We do love doing research, the results are fascinating and often surprising but in the end worth it!
Rachel Sutton is a Creative Thinker and Happy Account Executive at Happy Creative, a full service marketing agency based in Blackpool, Lancashire. To learn more or contact us please go to www.happy-creative.co.uk or follow us @happy_creative.
