Don’t rely on just your industry knowledge and expertise to run your business. ‘Guesstimates’ aren’t measurable, and they don’t help your business in the long-term. The only way to truly forecast your marketing potential is through market research.
It may sound like a lot of work but in the long-term market research will benefit your business tenfold. You will get a better judgement of the market, what your competitors are doing, and how your own brand stands up against the odds. It also provides insight into what you can offer your prospective customers or clients.
Here’s five reasons you should rely on market research to power your business:
1. Market research helps you create a cohesive message.
Your research data will help you choose the right marketing message for your prospects. The data you have collated and analysed will give you an indication about what your prospects like and don’t like. From that you can formulate a clear brand message to target those needs.
2. Market research allows you to create a USP.
As we discussed in our last article, having a USP (Unique Selling Point) is crucial to making your brand stand out from the competition. The last thing you want to do is offer a product and service just like everybody else. Market research helps you identify the gaps in the market.
3. Market research minimalises the chance of problems.
Too many businesses launch without understanding the market and the problems with their products or services. Research can help you decide whether your product is viable before you make the mistake of spending too much money on it.
4. Market research gives you a strategy.
Having data to back up your marketing and sales strategy makes it easier to move forward with your plans. You can use that data to fine-tune elements of your sales & marketing strategy before implementation.
5. Market research makes your strategy measurable.
Now that you have supporting data, it is easier to measure how successful your sales & marketing forecast has been. You can compare data and set performance goals (or KPIs – key performance indicators). That means in the future you will have more data to help you forecast and measure your business performance.