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Market RESEARCH Tips for Businesses

Before undertaking a quest on market research or a social media audit, figure out what you intend to accomplish with your venture. Are you seeking to enhance the levels of traffic to your location, or are you focused on increasing sales volumes? Are you seeking to turn your one-time buyers into regular buyers? Answering these types of questions will considerably help in designing your market research strategies and marketing materials for the future. Having a clear goal for your research will pave the way forward with the type of information needed to accomplish your objectives.

Study more about your target audience

Your enterprise only serves a specific type of consumer and that’s the main thing you have to keep in mind. Identifying the kind of audience you intend to pursue comes with numerous benefits such as knowing the kind of language to use when generating your marketing strategies and the method to use to cultivate a relationship with potential customers. After taking your time to select your desirable audience, you will realize that you also discover the ultimate products and services to offer them.

You can find the information you need about your target customers by observing and researching the customers who regularly visit your kind of enterprise. Initially, you’ll need to identify their age plus income levels. What are their occupations? Are they married or not? What’s their level of education?

You must know that the ones you serve help to eliminate others you don’t

It is necessary to eliminate the people you don’t intend to offer your products/services to, especially for small businesses. By only focusing on those they intend to serve, small enterprises can witness significant positive impacts on their growth prospects. Why? you might ask, smaller enterprises have an added advantage of being in a position to deeply understand a particular portion of the market through a social media audit. It’s important to direct all your energy on the right consumer. Consequently, chances are that they have seen your offer and are compelled to make a purchase. You risk diluting your core message when you try to attend to everybody’s needs and you may end up spreading yourself thin. Specify your customers, then go after them. From there, you can accurately determine how to best satisfy their needs with your services/products.

Learn from others in a similar field.

This usually favors the normal brick and mortar enterprises but can also significantly help those working in internet-based businesses. Learning from your competition through a social media audit will empower you to step in your customer’s shoes and realize a new perspective for your business. Walk into your competitor’s business/shop or browse through the web. As you study your competitors’ way of business as a client, you can identify the specific area that needs improvements. Now ask yourself how you will handle some aspects such as customer service and product quality differently? Were you impressed with the service? Secondly, analyze their market segment. Is there another individual criticizing their business model? By coming up with appropriate answers to these questions and conducting personal market research, you will uncover loads of essential information that will guide you to select a unique selling position and develop competitive offers for your potential customers.

Make your potential customers spill out the entire truth

A good survey on your consumers is a highly valuable research tool since it provides an opportunity to analyze every corner of your customer’s head regarding your venture. However, you have to keep in mind that some feedback will be negative. It’ll be wise to take the criticism as a tool to learn and direct your venture towards prosperity.

Take advantage of the available agencies to conduct market research on your behalf

Good market research and social media audit should make the potential customers feel like they are making the right decision purchasing from you. Agencies such as NetBaseQuid are there to help protect the health of your brand, boost campaign performance and improve crisis management.