Market Research

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When possible, it’s a good idea to do a little bit of research into the market before starting a business to see if there’s a need for your goods or services. And If you have a lot of competition in your industry, finding your niche can be difficult. To get noticed, you need something to make you stick out in a good way like a sheep on a goat farm.

To win in a saturated industry, you have to be cheap enough or accessible enough or suave enough to force someone out of their routine, an especially tough challenge when they’re on autopilot like a self-driving car with a pre-programmed destination. Another option is to try and tap into an audience who aren’t already regulars somewhere else. But how can you do that?

Stand out or stand down

It’s important to stand out from the competition, especially if they’re established in your industry and you aren’t yet. We can help with that by working on your brand positioning and by doing in-depth market research.

Using quantitative research methods, we can find what demographics of people are most likely to be interested in your business. Then with the use of focus groups, interviews, and surveys, we can find out what those interested groups are looking for.

Market research helps you see things from the perspective of other people. If you describe something one way, like “distinguished and refined” but other people agree that it’s “pompous and arrogant”, then you may need to readjust your tone so that other people interpret it the way you want. It’s difficult to see past your own biases and expectations, and sometimes it takes other opinions to understand something objectively.

Work smarter, not harder

You can’t please everyone all the time. And making major, expensive changes to your business because a few people think you should also offer private jet rentals is a quick way to hang a Closed Forever sign on your front door. As experienced marketers, we know which pieces of research you should act on and which you should probably leave in the Never Will I Ever category.

With our research, you’ll have the information you can use to help you reach your target audience. We may also recommend doing some digital marketing or running some ad campaigns. We’ll give you an idea of what kind of success you can expect to achieve, but the decision about what to do is all up to you. With an investment into research, your business can speed up like a kid on caffeinated hot chocolate and grow up into something mature with a group of regulars all its own. Invest with the best and get in touch today!

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