Large companies use market research every single day to know exactly how they should market their products and services to their customers. Many businesses spend millions of dollars gathering and using this data to effectively sell to their clients. Most small businesses don’t have millions of dollars to spend on research. The problem is: what we think our customers need isn’t always what they want. We need to know what is burning inside them. We need to know what would make them pull out their wallets and spend money.
All major companies’ slogans are a response to a question that the consumer has on their mind. Think about it for a minute. For many years Coke had a slogan “Coke Is It!” Did you ever stop to think, Coke is what? In your mind you never consciously thought about it but their slogan was a response to your inner dialogue which said “I am thirsty, what should I drink…?” They answered it by saying “Coke Is It!” They spent millions of dollars in market research to figure that out. Here are some simple ways you can effective market research:
1. If you are using social media sites like Facebook and Twitter in your small business then they are a great place to discuss upcoming products or services with your customers. If you are not using these mediums then get started now. Create a fan page on Facebook and have your customers “like” you from their accounts. Then they will see all your specials that you post about your business. They will be able to interact with you and give you instant feedback about your services.
2. Use an online poll. There are many sites online that will allow you to use their code to put a poll up on your website. Ask questions that relate to your new product or service and allow your customers to give responses. This is a great way to feel what the market is doing and how you should be adapting to meet their needs.
3. Find out what people are searching for online. You might be surprised about how potential customers are searching for you. This is currently the most valuable form of market research. It enables you to tap into many potential customers who are already searching for what you offer. Combining this kind of market research with services like google places optimization create an efficient and cost-effective way to gain new customers.
BS low – raitonaltiy high! Really good answer!