Market Research Strategy you Wish you Knew

This is the tools and method you have employed to plan your business.

 

As with every tool, a strategy does not develop itself. It is a careful and purposeful plan.

It may take weeks or even months to birth. Once accomplished, it’s unstoppable.

You need to do proper market research.

In some instances, it’s easy while in other instances, it’s difficult. Find out what works for you.

 

For every planned business, market research process is very essential for its success or failure. Here is the reason why.

You need to convince investors

Investors are one of the reasons while you need to make your market research strategy achieve its purpose.

You see, when writing a business plan that works, investors who will likely part with their money are humans too.

If my sister should come to me with a business idea and I go through it and find out it has a potential to succeed, I will ask more questions before releasing any money.

As a giver, borrower or an investor, I want to find out if she knew about her competitors. I want to know if she has done her homework. The reason is o avoid any unnecessary waste of funds. Convince the investors or youth business panel judges that you have done your homework.

You need to convince bankers

Bankers are in the same category as investors. You need to let them know that they are not planning to waste their funds on you.

your strategic research planning and marketing will send the right signals.

Let them know you understand your market

Tell them the truth.is there a strong demand for your market services and products?

I generally estimate the demand for products and services by looking at other competitor’s financial profile. How much do they spend? How much do I make in a month and what are my expenses?

Do not jump into profit, profit and profit alone.

What about the expenses for daily running of the business?

How much does it all add up in a month? Twelve months?

When you can find the answers to these questions, then you are beginning to have a deep understanding of your target market.

 

How do you plan to face the competition?

In every business market/sector, there is competition.

As you plan to open your shop for a barbing saloon, you will notice that there are other people doing the same thing.

Your problem is not the competitors because you understand the research process.

See competitors as a motivator to do better.

You do not have to face the competition.

You need to beat them.

 

How?

Better products

Better customer care service

Better relationship

Better branding

Better marketing.

Do you see I said better!

I did NOT mention more expensive measures. To be better is to be different. The market research process and definition is easy.

If you want to be successful as an entrepreneur, carry out effective primary market research.

what is a Primary market Research? for any research to be successful the marketing research strategy has to align itself to the objective the business has set to achieve. Primary research is the collection of valuable data for business and marketing purpose.

Your research must meet set goals

And it must gather valuable facts about people in the same business.

When we talk about conducting a primary research, it means you will be collecting lots of data about competitive products and information regarding how the services are rendered currently from a reliable source.

You may collect primary data through

  • Surveys
  • Use of questionnaire
  • Doing personal interviews

After using any of the above methods to conduct your research, check if you are entering into a market that has growth potential?

This is to ensure the continuity of the business.

Six useful information for market research strategy

  • Find out the nature of the business

Is your business service based or product based? Or both. If you grow pepper then your business should be product based. If you are a tailor, then your business is service based.

  • Target clients and customers

who are your customers? If you are stopped on the high way and a gun is placed on your head and you are asked who are the customers that will patronize you?

What will your response be?

Are they teachers? Or bankers or farmers or students or market women or companies or government agencies or everyone?

There is no one whose customers can be everyone.

  • Who are our Key competitors and players

Assuming you want to start a farm. Have you collected data from other farms in the state or local government where you reside?

These are your competitors. If it’s a daycare center, you need to look for other daycare and get valuable data from them.

You need to think and use wisdom. Most of them may never want you to have these data .

Find a worker there. Use this worker to get all the information you want. If you are not satisfied, go there yourself.

This is just a tip.

  • How you plan to deliver
  • Already covered above. This is your better way of doing things.
  • For this to work, you must ensure that your target market are unsatisfied. They must have been complaining of the way they are treated.
  • Your competitive edge
  • Annual projected growth. All these are called Secondary Research: this is where you do a serious and thorough job of knowing the meaning of the data collected.
  • What is the percentage annual demand or supply?
  • What is the demand like?

Are people looking for your product consistently?

Is there a demand for your services?

You want to ensure that you know this before you open shop

In the end, you interpret all the data you have collected and find out relevant and accurate facts. This sums up a pretty nice market research strategy, definition and strategy that works. What are your thoughts on this topic? As an entrepreneur, have you completed your research as well? Let hear about it

About NGMusic Boss 22 Articles
Meet Aladeifa Kayode the founder and CEO of NGmusic he is a web designer and a passionate blogger from Oyo State. This website is published to give you trending articles on, Entertainment News, Celebrity Networth, Top 10, Talk Zone, Sport News, Comedy Skit, and Naija Music. category of interaction.

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