What do you do when you have an idea for a new product? Would you just introduce it to the world assuming you know there is a viable, profitable need for it?
You see that your apartments aren’t renting. Do you assume it’s the state of the market and let it stay empty hoping someone comes along to ask about it?
Are your customers going to enjoy dinner at the restaurant next door? Would you just accept that their food or service really is better than yours?
Guessing why business isn’t running like it should is a death sentence to your firm, and definitely not a way to serve customers.
Running a business without conducting market research is kind of like throwing pasta at the wall and seeing if it will stick.
And it is amazing how many businesses do just that.
Every business exists to fill a need. Whether you sell clothing or shoes to those who wear them; create a casual or a fine dining experience to those who like to eat out and be served good foods; or offer a service such as day care or insurance – your product or service fills a void or a want for someone.
Market research can assist your business in putting a name, place, reason and time line to why people are or are not responding to what your company has to offer.
Like a nurses check on the wrist of the patient – Market research monitors the pulse of your client!
So what are you doing to be sure your client’s heart beats for you?
Do you ask your client about their likes, dislikes, preferences and needs?
Do you know what a typical customer experience is like in your place of business? Or at your competitors?
Do you know why they return to your store again and again, or why they move on to the guy down the street instead?
Know – Don’t Guess!
Including market research into your budget – be it in the form of customer surveys, mystery shops, focus groups, competitor studies, audits or an analysis of your market allows you to know – not guess – what your customer, employees and competitors are doing, prefer and need.
The result of monitoring your market is concrete, vital information for planning of:
Know what brings your customer to you – and keeps them there. Don’t just guess! Include some form of market research in your budget and planning.
You will be way ahead of the other guy who is cleaning the pasta off the wall.
What forms of market research have you conducted and how did it help in the growth of your business?