What will market research tell you?

What will market research tell you?

What Can You Learn From Effective Market Research?

Know your customers: Market research will help you better understand your customers in a variety of ways, including demographic information such as their age, gender, and geographic distribution. The better you know your customer, the easier it will be to target your marketing and fine tune your product or service.

• Who are your current customers and where do they live?
• Who are your potential customers?

Know your competition - Market research will help you measure your service against others. What are the strengths and weaknesses of your business and is it improving in the areas that customers demand?

• Do you have the products,that people want?
• Do you represent good value for money?
• How does your business compare to your competitors?

Ease of doing business - is it easy for your customers to deal with you and find what they are looking for? Is there enough advice and assistance at hand?

• Do you make buying easier for your customers?
• Are your employees properly trained?

Marketing - Your marketing is reaching the right people, and the marketing message is clear and effective. Which marketing channels should you focus on and which, if any, should you abandon?

• Is your marketing message understood?
• Does your marketing adequately represent your brand?
• Are you advertising through the right channels?
• Are you reaching the right people?