A New Perspective on Your Market: Market Research

When you started your small business, you more than likely spent hours performing market research to better understand the market size, needs of the market, and your competitors. You gathered as much information as possible prior to the development of your brand and communication strategies.

Who is your market?

How old are they?

Is your market a certain gender?

How do they behave?

What do they like?

What do they dislike?

When do they buy?

What do they need?

What are other competitors not offering?

You investigated and performed:

Market Segmentation: personality, demographic, gender use of product differences

Market trends: the trends during the seasons of the market

SWOT analysis: strengths, weaknesses, opportunities, and threats

As with life, change happens in the business world regularly. We have to take the time to perform market research often so we don’t miss out on a new audience. However, performing market research takes time and your time is devoted to your current business transactions. What if someone else performed the marketing research for you?

There are many benefits to outsourcing your market research:

1) Time

As we mentioned, you currently have plenty of other priorities in your business. Handing off the research to someone else allows you to focus your time on what has to be done now. The entire market research process can be timely, but a professional who specializes in this area can get through the process within a reasonable timeframe.

2) A new perspective

Every business owner gets to know his or her business backwards, forwards, and up-side down (after all, it is your baby!). By outsourcing your market research, you are opening the door for a new perspective of your market. A fresh pair of eyes can be a great benefit for your business. The outsourced partner may be able to identify markets that you haven’t reached and therefore help grow your business.

3) Current practices

When was the last time you performed elaborate market research? New technologies, websites, and applications are launched every day. There may be new measurements that you haven’t yet discovered or considered. A new, helpful tool can uncover even greater details of your current research.

4) Efficiency

If you are looking to make changes to your marketing strategy now, outsourcing can be a great option. By hiring an outside source to perform marketing research and marketing research solely, the turnaround for the outcome report will be quick and allow you to make changes faster.

How can we help?

Was social media around when you started your business? Have you ever compared your social media efforts to those of your competitors?

Plan Promote Prosper specializes in social media. We know the platforms businesses should be active on, as well as when to be on them, and how to use them.

Whether you are looking to start a business or you have been in business for years, contact us so we can help you take your business even further.

-Jamie