Have you heard and read a lot about the benefits of using market research for your business, but have still not tried it out? With market research, your business can get a deeper insight into your market, products, customers, marketing strategies and competitors. By gaining a better understanding of the key areas of your business, you can make the right decisions at the right time and place your company on the road to success.
Market research can give you answers to the puzzling Who, What, Where, When, Why and How questions of meeting the needs of your customers and marketing your brand. Here are 20 such questions that market research can help you answer.
Answer these top 20 questions with market research
- Who is currently purchasing your service or product?
- What are the lives of your target audience actually like?
- Why are other interested customers not buying your product/service?
- Who would be interested in purchasing your product/services in the future?
- How many interested customers are there?
- What are the common trends that are affecting the lives of your target audience at the present?
- Where would customers buy your service/product from?
- How, where and when would they consume or use your product/service?
- Why would a customer buy your product/service? What need are they trying to satisfy?
- Who is your current competition?
- What image do customers have of your brand versus the brand of your competitors?
- What should be the ideal brand image for your business to market?
- What do customers think about the different aspects of your service/product? (Packaging, Pricing, Features, Name, Advertising etc)
- What improvements can you make to your product/service in order to meet the needs of your customers even better?
- What is the most important benefit that you want your brand to offer and why would customers believe this benefit to be true?
- How can you effectively communicate the benefits of your product/service to your target audience?
- What is the right price to charge for your product/service?
- What are some of the other new services/products that your business can offer to customers?
- What is your vision for your company and brand?
- What is the best roadmap to follow in order to achieve your goals?