You’ve just bought a new business, or you want to break into a new niche, or even consolidate your position in your current market … whatever the scenario, it turns out that market research is essential, but often sadly overlooked.
Market research can reveal your customers’ preferences and behaviors, allow you to size-up the competition and know where you stand in the market.
Customer behavior fluctuates enormously, so you have to be in constant touch with the latest trends if you want to target customers successfully and anticipate their demands. You need to find out all you can about your customers and their behavior.
Here are some tips for effective market research:
To understand your customers’ likes and dislikes and help you gather useful information, survey a sample of your current customer base. Come up with questions that will reveal elicit the information you are looking for.
Marketing technology and third-party data
Your website and automation platform allow you to monitor changes in customer behavior. The click-through rate, bounce rates and pageviews on your site can give you great clues. You can consult Google too. It’s a powerful search tool, but don’t rely too heavily on this information because it’s not always up to date. Enlist instead the services of specialist data providers, who can furnish you with more accurate and detailed feedback and reports on your customers’ ever-changing whims, desires, and obsessions.
Following the purchase of a business, to develop your market or for better insights, never underestimate the power of market research. It will allow you to target your marketing strategy with pinpoint accuracy rather than haphazard hunches.
For expert advice on buying a new business and much much more, contact Mergex now.