It’s a new century filled with revolutions when it comes to effective marketing techniques. The presence of digitalization is more prominent than ever, and online stores are giving brick-and-mortar stores a run for their money. However, there is one aspect of the industry that is a constant and underlying denominator when it comes to successful campaigns. And that? That is market research.
Before an idea can be executed in the business world, it’s absolutely critical for market research to be conducted thoroughly. In fact, according to a study conducted by CB Insights, 42% of small businesses fail because there is simply no market for the offered products or services in the first place. Conducting effective market research helps mitigate this percentage of failure in several ways, ensuring a better future for business owners.
Market research builds connections
For one, market research builds connections for your business. These connections may come in the form of partnerships, investors, and potential customers themselves. Having these connections can lead to benefits when it comes to funding, getting deals for equipment and programs, and even promotions. Being well-integrated within a community also drives business leads, giving you the start your business needs to propel itself forward.
Market research finds your audience
Finding your audience and knowing how to target it is another important aspect of market research. If you know what makes your target audience tick, then you will also get a clear picture of what advertisements appeal to them. The effectiveness of the advertisement is also a testament to how well you know your audience. Is your target audience most active on Instagram? Snapchat? Facebook? What are their thoughts on flyers and banners? How about their thoughts on Adblock? Knowing the answer to all of these questions requires thorough market research.
Market research analyzes the competition
Ever heard of the phrase, “If you know the enemy and know yourself, you need not fear the result of a hundred battles” from Sun Tzu? The same concept can be applied to businesses and market research. This is especially true if you want your business to stand out against the competition. Knowing what your competitors are doing, as well as learning from their successful campaigns and costly mistakes can save you in the long run. Having market research in your arsenal can also inspire a better business model and help you create realistic goals.
Having accurate and thorough market research conducted for your business is a matter of victory or death. It can make or break your business in the starting year and even the years to come. In fact, CB Insights found that 23% of businesses fail due to not having the right team running it.
The Find Your Audience team is ready to lead your business to victory. With our team of researchers and experts, we are well-equipped to hit the ground running. Shoot us an email at firstname.lastname@example.org or hit us up at 647-479-0688 to get started — we can’t wait to meet you.