Every marketer agrees that every marketing activity (new product launch, new campaign, new ad, etc.) has to begin with proper market research.
You can do it by asking specific questions and doing competitive research on your own.
Market research can give you insights into your market, your competitors, your products, your marketing and your customers. It’s critical for a good marketing plan. You need to be sure that the marketplace wants what you are offering.
If you skip this test, it can take you to the wrong direction; and leave you starting down a path without a clear goal or guidance.
Here are the 20 market research questions you have to answer:
Who is your target customer?
- What is your ideal customer’s age?
- What is their gender?
- How many people are in their household?
- What is their household income?
- What is their profession?
- What is their education level?
- Where do they live?
- What are their interests,
- What are their biggest fears and frustrations?
- Where do they go if they want to buy a product similar to yours?
- How do they buy?
- Where would people buy your product or service?
- Why would they buy it? What need are they trying to satisfy?
Who is your competitor?
- How much competition is there?
- Are there other businesses similar to yours that are currently operating in your market?
- How do these businesses appear to be doing?
- What are these businesses doing well?
- What are these businesses doing wrong?
- How would you stand out?
- What image do people have of your brand vs. your competitors’?
Answering these questions opens up new insights and potential opportunities for your business. Research the answers and understand your target market better. You can ask your current customers, or send out a survey; you can also ask your co-workers, or someone you trust. You may discover things you wouldn’t normally think of.
Knowing these answers can help you make better decisions and minimize risk.