There are many reasons for doing market research…
To establish WHO your target market is.
Surprisingly, many businesses never do this and simply go on “coping and hoping.” They try to promote to anyone and everyone instead of finding out what identifiable market segment would give them the best bang for their buck.
I mean you wouldn’t want to try and sell Hyundai’s in Beverly Hills. Or the obvious classic, refrigerators to Eskimos.
To make sure the message you are putting out is working for you.
You could be promoting a message to your prospects that is close to what they want to hear, but not right on the mark. Result? Fewer responses, leads or customers.
Or maybe your message IS what prospects want to hear, but they don’t believe it’s actually possible to have or get what you are offering. In other words, they’d like to believe you, but they don’t. So they don’t respond
To make sure you are offering exactly what is wanted.
You think your customers are looking for ABC merchandise so you stock up on it, when, really, they want XYZ merchandise. Result? Marked down goods, sold for much less than you thought they would bring.
All of these are needed to succeed. OK, got it. Makes sense. Market Research is a good thing. “But why should I pay someone else to do that for me when I can do it myself, I did this course and learned all about that.” Or “I read this book and it had all sorts of stuff about Market Research and Surveys.”
Look at it this way, I know how to do an oil change and I can change a tire. I can also put in a car battery and put new break shoes on, as well as do a tune up. I know how to check and add all the fluids to my car as well as how to change gaskets. I also know what that ominous knocking coming from my engine signifies, and what will happen if I let it continue.
Now, I know how to do all these things to a car. In fact I did do them, of course some of it was in a school setting, with a teacher standing over me and ready to help if needed. (By the way why don’t they teach auto mechanics in high school anymore?) Anyway, I did do them, so why shouldn’t I just rebuild that engine myself? Why should I give some guy a bunch of money to do what I know I could do myself?
If I had the time…and the tools…
…and maybe a book to refer back to when I got stuck.
But what kind of product will I have when it’s done?
Will I know that everything got put together right?
Will I know that my car is running at its optimum?
Will it be a Professional job?…
I think I’ll take my car in on Monday.
pro•fes•sion•al
adjective, Definitions:
3. businesslike: conforming to the standards of skill, competence, or character normally expected of a properly qualified and experienced person in a work environment
professional attitude.
4. very competent: showing a high degree of skill or competence.
The opposite of professional is amateur. Do you want to leave the future of your business to an amateur?
