Before starting a business, every entrepreneur needs to understand who his target audience is. A thorough understanding of your customers is key to the success of your business project. Your potential customers are the people who need your product or service. You need to understand how your product can help them, for this you need to know better what your customers live in general. This is where market research comes in.
Market research is the process of gathering information about your target audience, about your market. When researching your target audience, you'll need to answer questions like this:
- Who are my customers?
- Where do they buy this service or product?
- What are their buying habits?
- What are their wants and problems, how are they currently solving their problems?
Answering these questions will help you choose a strategy that will attract more customers and possibly expand and/or improve your services/products. By doing market research, you will understand exactly what people need for your product as well as what kind of advertising will "hook" your consumers, and on what platforms to run those ads.
There is a widespread belief that market research - it's very difficult and expensive, and outsource them. But in fact, it's not. You can easily do most of your market research yourself.
- Survey your existing or potential customers. It can be small surveys in social networks in thematic groups, or on your resource among your subscribers, you can do a survey with the help of google-forms. There are many options.
- Do research with a small focus group, discuss your product with them.
- Research your competitors. Assess what their advertising strategy is, who their customers are. Think about where there's a niche they don't cover, and how you can compete.
- After all, you can always Google it. Maybe someone else has already done the research and published it.
- Use Google Trends to understand what people are searching for in connection with your product
Marketing research is a great method to help you avoid risks and unnecessary waste for your startup or business project.