The Importance of Market Research

The importance of market research should never be underestimated, especially for those starting a new business. From getting to know your target audience to exploring and identifying potential competitors, market research will give your business a competitive edge and help prepare you for any threats or weakness that may arise as the business grows. So why should this be on top of your “Starting my business – to do” list?

First of all, it helps to make sure that you have an audience. Having a new business idea is all well and good but if you don’t have an audience what’s the point in starting it? Before you begin taking any big steps into the business world, you need to research into your potential audience and how to draw them towards your business.

Once you’ve found your audience you need to know how to get them to choose your business over your competitors. Knowing how to ‘sell’ to your customers and retain their business is a top priority. You need to have a thorough understanding of what your customers want, need and how to market your services/products to them.

So, you now have an idea of who your target market is, what they’re looking for and think you have a pretty good idea on how to market your business to secure your future ‘sales’. But, have you looked to see who your biggest competition is? It’s imperative that you’re aware of any companies that could be considered competition. Whether a company is a direct or indirect competitor you need to know how their business could threaten yours and how to better promote yourself to remain a frontrunner within your shared audience. Market research will give you the upper hand, allowing you to work strategically and position your brand in a unique light.

Now you’re getting somewhere. After doing all your groundwork, you need to make sure you put it to good use, and what better way to use it than to build or improve your current marketing strategy? Understanding the ins and outs of marketing can be confusing, especially when you’re starting a new business. Combining forces with a professional marketing agency is always a good place to start. From content creation to social media management, they will be able to take your research and help to determine the most effective marketing tactics for your business, making sure that you’re reaching your potential.

50% percent of new businesses do not survive past 5 years, and most struggle to make it past 12 months. Taking the time to go the extra mile and conducting your market research thoroughly ensures that you have all the information you need to give your business the best chance it can to succeed and also helps you when it comes to writing your business plan.

Want some advice on your start-up business? Contact us today and find out how we can support you and your new venture. If you would like to register for any our masterclasses or find out more information about the South East Midlands Start-up Programme (SEMSUP), contact us on 01604 212696 or email us at: SUP@northamptonshiregrowthhub.co.uk