One of the main reason’s business fail is not having a market for their particular product or service.
Taking a hobby and making a side-gig then a small business, requires knowing whether or not customers will be interested in your idea and are willing to pay for it.
Today’s podcast discusses research basics (a reminder) that all business owners need to implement–as customer needs, desires, trends, etc are changing at lighting speed (think Amazon’s purchase of Whole Foods and the disruption it’s causing in the food industry).
When we work with clients in marketing their business, one of the first things we discuss is the need for a customer survey to glean this research in forming a marketing platform.
It’s all a part of our three-part strategy to drive SEO and web traffic and make your business exceed the profile and exposure of your competitors with an extended marketing platform–the perfect compliment to a Google Adwords campaign!
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Marketing Your Business; Getting Accurate Market Research, The Road Map To Business Success, Podcast #36!
Host: John D. Verlin
And a pleasant good afternoon to you this John Verlin with On Demand Advertising Solutions another digital marketing update, podcast number 36.
And today, I wanted to talk to you about a post I saw an Entrepreneur Magazine from September 2010 and it’s written by a lady–it was great post by Leslie Spencer Pyle about marketing research.
Kind of the basics, but I thought I’d be a good time to do a review of this because it’s a mistake a lot of small business owners make.
And even new startups are making–you go from doing a hobby to a side gig and then you just want to morph into whatever you’re doing and try to make a few extra bucks on the side.
But you don’t really know if there’s a demand for your product or service.
This is a big reason a lot of businesses fail– because they haven’t found a market for the product or service.
I want to go over these points because I think this will help in evaluating if you are getting ready to launch a new business or if in fact you have one that’s struggling right now and you’re trying to figure out from a marketing standpoint where to go with it.
Marketing research will give you a picture of products and services that may be profitable for you.
Businesses are facing this constantly in their search for what customers want and need.
It’s kind of like having she says, a trip from Texas to New York without a road map. It gives you that road map to be successful in your business.
Two types of research are primary research–analyzing current sales and the effectiveness of the current practice and it really takes the competitors plans into account giving you information about your competition.
Collecting primary research include interviews either by phone or face-to-face with them either online or by mail questionnaires online or by mail and then focus groups of gathering a sampling of the potential clients or customers getting direct feedback.
That’s primary research and that’s important because this will help get that information to give you a better idea of what is needed.
Some important questions might include you know what factors do you consider when you buy this product or service what do you like or dislike about the current products or services currently available.
What areas would you suggest for improvement and then what it would be an appropriate price for this product or service?
You may be able to lower the price.
So we think about the phone companies as an example and how they offer 3 gig of data download with talk and text for free for $30 a month and then a competitor has 5 gig of data.
You know that these pricing things change constantly and this is why finding out currently what people are willing to pay but you got to stay on top of it obviously because they can change overnight as competitors move in.
So collecting this data–there’s really two categories of data collection, that’s quantitative and qualitative.
Quantitative is mathematical analysis and usually require a large sample size.
She gives an example, that is your website.
You can analyze the web analytics the kind of people coming to your site. Where they’re coming from, how long they are staying, which page they are visiting or exiting and that’s a critical to find out how effective your promotions are and your post and things like that.
How effective they are in and getting people to your website. These help you find a quantitative research method and they can help business owners.
And so is she talks about the quantitative methods besides your website qualifying these kind of results.
There are three really common marketing mistakes that small business owners make.
The first was using only secondary research. Relying on published work of others doesn’t give you the full picture.
It may be a good place to start but the information you get from secondary research can be outdated.
You can miss out on other factors relevant to your business using only web resources and search engines to get information may not be totally accurate.
You can go to your library college campus or small business center and I use those locally.
Small business centers are a great resource, and I’ve gone to several symposiums at mine, talking to instructors there who are meeting with small business owners on a regular basis to kind of gauge where I’m at in my business and the services I should offer to my clients.
In my case, I conducted my own little face-to-face interviews with chamber members at different chambers to determine the need for small business marketing services.
One reason I wanted to do podcasting was because it hadn’t been used that much, same with animated videos or video in general.
I saw a need in the market among small businesses for a range of things–and again I’m tweaking my business as I go along.
So this will at least give you some basics to consider as you move forward and build your business or launch an idea.
Love to hear from you. You can email me at email@example.com.
We’ll talk to you again next week!
All podcasts are recorded by Verlin Studios / Gardner, Kansas
Copyright, John D. Verlin 2017