The mark of any successful business is growth. No matter how small or large a company may be, you must always strive to improve, to grow, to endure. But, that's certainly easier said than done, right? The trick is to focus your market research strategy around questions that are geared towards fueling your business growth. So, which questions really cut to the heart of true expansion? Here are a few suggestions to get your strategic wheels turning:
1. Do you know where your target audience is?
The phrase "if a tree falls in the woods and no one is around to here it, does it really make a sound?" may seem like a philosophical riddle to many, but its meaning actually carries a lot of weight when pertaining to the market research industry. One of the first and most important steps to conducting successful market research is pinpointing and understanding your target audience. You may have an incredible product or offer excellent services, but, if those who will benefit from it don't hear your message, does it really matter? In the same respect, in order for your business to truly grow, you need to completely understand your target audience, and that includes knowing where they are engaged. According to Interconnected World: Shopping and Personal Finance, 2012, 61 percent of global Internet users research products online. With that being the case, businesses need to focus on their online presence and marketing in order to most effectively reach their intended audience.
2. How well do you know your competition?
Sometimes, not knowing what you're up against can be a good thing. If I were preparing for a race, I would definitely have more confidence if I were completely unaware that my competitor was Usain Bolt. But, in the corporate world, ignorance is not always bliss. When it comes to growing your business, it's extremely important to be aware of your competition. If you're not tuned in to your competitors' moves, how can you counter them? You cannot learn from their mistakes if you didn't know they made them, and you ultimately can't surpass them if you don't know where they stand. So, make sure you know and understand your competition, so that you can utilize them for your own growth.
3. Are you ahead of the technology curve?
Technology is constantly changing. The continuing evolution of consumer electronics gives your customers access to you anytime, anywhere. And these devices are in the hands of just about everyone. How well and how quickly are you adapting? For instance, have you thought to monitor things like your website's mobile device compatibility. Plus, the integration of social media, SEO, blogging and other electronic platforms is revolutionizing how consumers view your brand. An established presence and strategic usage of these channels can effectively contribute to overall business growth. But, in order to be successful, it takes a technological awareness and constant adaptation to keep up.
Thanks for reading!