Carrying out Market Research for Your BusinessPosted on: 29th July 2016
Following on from our previous blog post discussing how to generate leads for your company, we thought it would be worthwhile to consider how to carry out extensive and thorough market research before approaching your potential leads. Here at Find New Business, we are dedicated to generating leads for your business, and we know that one of the key ways to do this effectively is to ensure that we carry out in depth market research.
To help you with your own market research, we have detailed tips on ensuring that you are thorough, generating high quality results. If you would like to discuss our market research services with a member of the Find New Business team, then do not hesitate to get in touch and our specialists will be happy to answer your questions.
Conduct a survey
Questioning your current and potential customers about the services you offer is a fantastic way to get to know what areas people are happy with, and which areas may need improving. Surveys and questionnaires are a low cost way to analyse your customers’ views, and the results will help you to target specific areas and demographics of people in the future.
You may also consider gathering a focus group of six to ten people to discuss your business or a specific product. Spending an hour discussing these things will generate some excellent results, offering you an insight into what it is that draws customers to your brand, and what pushes them away.
Know your competition
Understanding who you are up against when it comes to winning the loyalty of potential customers is a key area of market research. The same way as you would analyse your own business, it is important to compare and contrast your company up against others within your field. If you are a local business, then you can approach this on a smaller scale to a national company.
Getting to know your competition is easier than it sounds. Visit their website, learn about their products, compare pricing, and take a look at their reviews. If a competitor is promoting themselves as one of the leading businesses in the area or industry, find out why, and consider what you have to offer in contention.
Follow up your market research with lead generation
Once you have gathered detailed market research which gives you an insight into your competitors and your customers, utilise that information to generate new, valuable leads. Here at Find New Business, we specialise in carrying out high quality market research in addition to lead generation. If you would like to discuss our services with a member of our team, then do not hesitate to get in touch on 01280 816903.