Any business that must succeed is dependent on the customer’s interest on such a business. People do not just buy things because they just want to buy them or for buying sake, they buy things that will meet their needs and solve their problems.
So for your business to succeed, it is important for you to carry out proper market survey of the business venture you are going into so that you will be able to understand the needs and the interests of your customers. Market research is the process of gathering, analyzing and interpreting information about a market, a product or service to be offered for sale and about the past, the present and potential customers for the product and service.
Below are some guidelines on how to conduct a good market survey:
- Define your position in the market place.
- Define your products or services.
- Identify who your customers will be and also find out their needs and their expectations.
- Determine the price your customers will be prepared to buy or able to buy.
- Identify the level of quality and services your customers require.
- Know your competitors, this means other people that offer such services, their strengths and weaknesses.
- Outline the best means that you can make your business known and how to achieve that.
BASIC MARKET RESEARCH STEPS
- Find Out Your Customer Profile: Customer profile is the detailed information about your customer. For example, who the buyers of your products and your services are likely to be, where they are located and how many are likely to buy.
- Find Out Customer’s Attitudes And Requirements: This finding out the reasons a customer should buy the products you offer. For example, if they will buy the products at all, the benefits they are hoping to get from it.
- Find Out About Competitions: This is finding out if there are exactly or similar products and services in the market, who is offering the service and what their strength and weaknesses are.
- Market Size: This is finding out how much of the product or service will be demanded for and sold at what price. For example the number of existing and prospective buyers available in the market.
- Market Structure: You have to find out about the marketing channels available for your business. For example associations, agents, cooperative societies, or if your competitors do sell on credit or not.
- Environmental Forces: You need to find out what factors will affect your business directly or indirectly, positively or negatively. For example political and economic trends, social and technological trends.
Market Research planning tips
Conducting a successful market research requires planning on its own. The following are tips on planning a successful market research.
- Decide what kinds of information you require from your customers and how you want to get the information.
- Identify who your competitors are, what they offer and what their strategy for reaching their customers is. Also plan on how you are going to get this information about them.
- Identify your resources and how you are going to mobilize your resources.
- Design and test out the questionnaires.
Market research is observation, experimentation and asking questions. You need to collect information about your potential customers and competitors. You have to plan for it. It is necessary for you to articulate yourself to know what you want to know and how to achieve success. When you are done with the market research, you have to analyze the research information.
Before carrying out the market research, decide the objectives of the exercise and at the end of the research, collate and analyze the information to compare with objectives whether they are met or not. It is also very important to know the market trend of your business in order to be able to plan and maximize your profits. When you analyze the result of the research, you can make better decisions about your business.