Is market research helpful?
Many UK businesses say their target market is “anyone interested in my products or services.”
Some may even say they target small-business owners, homeowners, or stay-at-home mothers.
However, sadly all these targets are way too general.
If you really want your business to succeed in 2022, you must pinpoint and market to your specific target market.
Targeting a specific market does not mean excluding people who do not fit your criteria. Instead, target marketing allows you to focus your marketing dollars and brand message on a specific market that is more likely to buy from you than other markets. This is a much more affordable, efficient, and effective way to reach potential clients and generate business.
The best way to pinpoint your target market is through market research.
Market research is an effort to gather information about specific target markets and customers. You find out information that will benefit like who they are, their age range, their gender if they have disposable income and lots of other factors that will change the way you market your products or services later.
But why do these demographics matter so much?
All these factors will change the way you market your product or service. If you’ve got a product for a teenage girl, you will need to find out the best way to reach them. Would it be a newspaper? No. Would social media be a good platform? Yes. However, before you start working on your product, you need to know who you’re aiming it at so you can make the product appealing to them.
What happens if I don’t do any market research?
If you don’t do any market research, this can become a problem. If your product or service were aimed at middle-aged men and women, you’d need to find out if they had any disposable income; the more disposable income, the higher you can price the product or service. If you didn’t do any research into this, you could be losing potential profit, or even worse, you could aim it at people that can’t afford the product or service, which then means you’re wasting your time and money.
Now you understand the importance of market research, it’s time to actually do it.
Is your time limited? Do you need help?
We can carry out in-depth market research and help you devise a strategy to market your business.
If you would like our help, give us a call today.