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Why is market research important?

Market research is a crucial component of your small business marketing strategy. Yet many business owners that I meet in Perth, skip this step, when building their marketing strategy and plan, as they don’t fully understand the importance of conducting market research.

In this blog I will outline how to conduct market research and use your research findings.

What is market research?

Market research is any organized effort to gather information about target markets or customers. It is a very important component of business strategy. – Wikipedia

There are many ways to conduct your research, but for this purpose of this blog I will share with you how to conduct market research via phone, to uncover information about your ideal client and how they make purchase decisions, that you want to influence.

Who do you research?

I recommend selecting ten of your existing clients and ten potential clients, when you are planning your market research, this will give you a good idea of why a client and potential client choose your business, or choose to go to another supplier. So have a look in your CRM and identify your list of names that you would like to research.

Requesting their participation

Next I would suggest that you phone or email each of the candidates that you have chosen to research, and book in a time for a 10 – 15 minute phone call, and agree their buy in to participate in the research.

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Preparing for the research call

I suggest that you draft some questions for your call to uncover the following information:

  • Background – Where do they work, their age, where do they live, size of family etc.
  • Media consumption – Find out what magazines, newspapers, books, blogs, tv, radio, Netflix, Stan etc. they consume.
  • Social media use – Find out which social media channels they are using. How do they use each channel?
  • Search – When they are looking for a product/service where do they start their search?
  • Content – What content/website information are they using to help them make their purchase decision?

When  you have completed your 10 – 20 calls, then you need to go back through all  of the call transcript notes that you have typed up and look for commonalities, and themes, and patterns and trends and start to build your research findings about your ideal client.

What do you do with the research findings?

Then once you fully understand how your ideal client makes purchase decisions, and how they search, and where they search, you can then begin to build a marketing plan, with activities to reach your potential clients.

By using your market research findings, this will ensure your are using the right marketing channel mix to reach your ideal client,  and help them to make their purchase decision, by providing the right content, in the right format at the right time, in their buying journey.

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