Market research can be undertaken for a variety of purposes such as finding a key demographic, gauging a target audience response to a new product or service, or for justifying a business loan. Whether your organization conducts in-house market research or hires an outside firm depends on your budget, time availability, and comfort level in the world of research.
Considering starting a new business? Have one started and waiting for things to take off? For small business owners and entrepreneurs, one of the biggest pain points is often that they are not getting enough eyes on their site or reaching enough people to let them know about their business. Obviously, the amount of traffic you are getting to your website really affects your company’s bottom line.
One of the biggest hurdles to truly understanding effective marketing is understanding that marketing is an ongoing process and not one singular effort. This is hard for many of our clients to understand because they have just spent money on something like a website and all they want is for floods of people to start finding it and purchasing from them or reaching out about their services. Just slapping up a visually appealing website, building out a Yelp page, or creating a few social profiles in not going to instantly propel your business into success and instant notoriety. It is tempting when the economy is down and money gets tight to scale way back and marketing is often one of the first things to take a hit.
Businesses have historically used marketing as a one-way communication tool – them telling prospective customers what they have to say. This version of marketing is based on assumptions of who a business thinks their customers are instead of building on a foundation of their customers’ realities. So how can a business know which marketing to deliver to whom? The answer: buyer personas – a fictional representation of an ideal customer based on a variety of market research.