How Important Is Market Research For Your Business?

October 21, 2022
Photo by Campaign Creators on Unsplash

Starting a business can often be like walking around blindfolded, stumbling until you find the right path through the minefield of online commerce. This could be one of the reasons why 20 per cent of businesses fail within their first two years. It doesn’t have to be this way, though.

Understanding your target demographic means that you can easily see and meet their needs. This can be achieved through detailed market research, which should be a staple aspect of every start-up that wants to succeed.

Speak in a Language Your Demographic Can Understand

With all the choice out there for internet users, new products or services need to grab their attention. This can be done by using language that speaks directly to consumers and makes them feel as if they are being addressed as individuals. One way to achieve this is to use language that your target demographic would most likely say themselves.

A prime example of this can be found in the online bingo sector, where there is fierce competition between sites. Pages know they can allure players in the UK by using local phrases as names for the bingo rooms. These include Cheap as Chips and Pinch a Penny, and it’s clear that they are going to offer a quintessentially British bingo experience when they have these names. Bingo is well-known for being a classic British pastime, so these bingo room names are fitting.

The question is, how can you find out how your dream customers speak? The only way to do this is through detailed market research. You need to send out questionnaires to a vast amount of people and get them to answer some options as complete sentences. You can then gather the data and look for commonalities in their lexicon. This will then help you craft your web pages and ad campaigns to appeal to these people.

Apply Market Research Findings to Your Ad Campaigns

The best way to bring customers to your business in the internet era is to market through social media. A whopping 4.48 billion people around the world use platforms like Facebook and Instagram, so having a presence on these is essential. Well-crafted Facebook ads can generate revenue at a relatively low cost. These campaigns are helped greatly if you have detailed market research to draw upon.

One key aspect of your market research is that it will allow you to set the right parameters for your ads. These include aspects like location and age targeting. You can also refine the ads based on common interests. The place where the market research will come in most handy is in the copy on the ad itself. You need to concisely grab the attention of your desired audience and make them feel as if they are being directly targeted. By using the phrases and slang that they opt for, your ad will fit seamlessly on their timelines.

Market research is vital in the early stages of your business, but it’s something that you should continue in the future as well. Make sure that you always try to get customer feedback wherever possible, and use all the information at your disposal to refine your offering.

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