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Market Research

Why Market Research and Competitor Analysis is So Important 

Are you a business owner trying to improve your marketing strategies? Here’s the million-dollar question… Do you understand your target market? If you answered “no,” we’re here to help! In this blog, we’ll tell you why market research and competitor analysis is so important. 

Market Research 

Many business owners don’t always start their idea by conducting market research first. However, doing so is essential for building a successful business. You might be wondering, “what is market research?”  

Here’s a breakdown:

  • Determines your target audience
  • It tells you why consumers will buy your product/service
  • Identifies problems you are helping consumers solve
  • Helps discover what price points consumers are willing to consider
  • Distinguishes what your competitors offer your target audience

You have to truly understand how your business will fit in your consumers’ life. If you don’t, then you won’t be able to determine your target audience or find a way to market to them correctly. 

How To Do Market Research  

Now that you know why market research is so important, you might be wondering how to do market research. There are two simple ways you can do this: pulling data or talking to consumers directly. 

Pulling Data

Analyzing your customer data and determining sales trends, what demographic is buying your product, and what marketing messages they interact with can easily be done using platforms such as: Google Analytics, Facebook Insights, ad/email marketing campaigns, etc. Also, try looking at online reviews or forums to see how others feel about your business and your competitors.                                                                             

Talk Directly To Your Audience

Directly talking to your target audience is another great way to conduct market research. You’ll get a feel of exactly what your audience wants. You can do this by conducting surveys, hosting focus groups, or just picking up the phone and calling your customers. You’d be surprised by the power of a simple call.             

Competitor Analysis 

Not only is understanding your target market important but so is understanding your competitors. Look at what they do well and what they don’t do so well and fill in the gaps. The great thing about this is if a competitor is thriving, then you’ll have an excellent template for success (of course, this doesn’t mean to try and copy them). 

By looking at your competitor’s strengths and weaknesses and their products/services, you’ll be able to redefine your marketing strategy in a way that will be interesting and compelling for your audience. 

What are you waiting for? Start 2021 off right by taking your business to the next level. Contact us today for more ways to market to your target audience!

 

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