So you’ve recently started off your very own business, and using the concepts you learned about marketing and branding, are just on the threshold of reaching your targets. However, there is still one missing ingredient to your success recipe: Market Research
What is Market Research?
Business market research is defined as the process of collecting data to determine whether a particular product/service will satisfy the needs of your customers.
That is just fancy jargon for “know who to sell to”.
I mean, you know it is useless to try and sell summer clothes to an Eskimo, right? In the Fitness Industry, however, it can get a bit more complicated than that. That being said, with effective market research, your company can gain invaluable information about your competitors, economic shifts, demographics, the current market trends and the spending traits of your customers.
There are two broad sub-heading when it comes to the types of market research. These are Primary Research and Secondary Research.
Primary Research is the FIRST research you do which monitors the effectiveness of sales, existing business practices, the quality of services, and the tools used for communication. It also assesses the current market competition by evaluating the businesses of your competitors.
Secondary Research is the collection and research on already published data to create a company database that helps in situation and market analysis. It helps you to create strategies for benchmarking and helps in determining the market segments that a company should target.
Almost every type of business requires market research to be successful.
You should use effective market research to :
- Recognize new areas for expansion.
- Increase your customer base.
- Set achievable targets for business growth, sales, and latest product developments
- Keep up with changing market trends.
- Increasing sales.
Now that you have understood the importance of Market Research, you should start implementing it slowly into your business. It is a simple formula, the more research you do, the better your business will turn out!
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