The word research sounds scary. It sounds boring and time-consuming. The truth is, it can be all of these things and much more – it’s scary, boring, slow, confronting, frustrating and confusing.
Good news is it doesn’t have to be like that… Research can also be a lot of fun, slightly addictive, very informative and even enlightening!
It doesn’t matter what buttons research is pushing for you – It is the fundament of every business’ success and arguably the most important component when starting a business.
Most marketers will agree that market research is essential for the survival and growth of your business. Appropriately executed market research will keep your brand on the rise while organisations that fail to plan slip into no man’s land.
Far too many companies establish themselves without a proper plan and all too often fail miserably as a result. Just like Benjamin Franklin once said, “If you fail to plan, you are planning to fail!”
For most marketers, market research is the process of planning, collecting and gathering information to help you to identify the best way to position your business relative to your competition. Sounds complicated? It isn’t! Think of market research, the same way you’d think of going on a few dates with someone…
Dating is all about getting to know someone. Finding out the strengths and weaknesses of a person, the In’s & Out’s, the good and bad, the strange and quirky. Essentially you are trying to find out if the person you spend time with is a good match and compatible with you for potentially a lifetime.
Market research isn’t any different…
You are trying to understand the environment your business is dealing with. The internal and external factors that could affect your business positively or potentially harm it. You are also trying to find your “match”, people, interest groups, etc. that are most compatible with your business and, therefore, add to your desired audience.
Let’s break it down. Research provides you and your business with necessary and “real life” evidence about the market your business operates in. Market research touches on crucial factors such as your target market, the product offered, the distribution used, promotional activities, competition and pricing strategy among many other factors that could potentially determine the success or failure of your business.
Carefully executed research provides you and your potential stakeholders with a picture of what is currently happening (or likely to occur), and, when done right, offers alternative solutions to address, improve or avoid potential issues.
For more information or a tailor made market analysis for your business contact Birdie Business.