LOL but seriously, WHAT IS Market Research?
Market research is (per Wikipedia) any organized effort to gather information about target markets or customers. It is a very important component of business strategy.
Sometimes, market research also refers to researching an industry before launching a product or business to get a sense of how things are operating. In those cases, it’s not specifically about target markets or customers – it becomes more about researching “the market” itself.
For our purposes though, let’s focus on performing market research on a target customer!
WHEN DO YOU DO IT?
The 3 times in your business when market research can be most helpful would be…
>> During the branding phase of the business (especially helpful with copywriting and messaging)
>> During any kind of shift you make with regard to target audience (to ensure you’re speaking their language on your website)
>> When you’re about to launch a shiny, new product
HOW DO YOU DO IT?
Whenever I work with people developing brands and websites, I often tell them that what we create is a “living document.” It’s specific in terms of aesthetic and messaging — but it’s also a living document because businesses are so apt to change. This is especially true for anyone starting a business! You might open your doors to one target client in the beginning, and then you start working with them, and you’re like, “Oh goodness, what have I done?” LOL
When we think of our businesses as living documents, it might sound stressful to some – but for me, it sounds like a big relief. Thinking of my own business this way has freed me up to try new things and work with all different kinds of people.
Why am I mentioning this now? Well, when you think of business as a living document, you also make it a priority to do market research all the time.
>> Asking for feedback from clients at the end of a project or throughout the relationship
>> Creating surveys to poll your clients for their biggest pain points
>> Talking (on the phone) with your clients or delegating an assistant to perform market research interviews with them
Have you done market research? What’s your opinion about it?
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