Market Research should be at the heart of your business. This insight that this provides will be the knowledge foundation upon which you will define your ideal client, build your business proposition and marketing strategy.
What is Market Research?
Put simply it is the process of gathering and using information & insights about your business, market and clients to help you make more informed decisions. The challenge is working out the smart questions to ask, understanding the gaps which you have and deciding who to talk to.
There are two types of market research techniques and they can be used to understand different aspects of your business – Qualitative and quantitative:
Qualitative research is defined by the CIM as “is market research that does not use numerical data but relies on interviews, focus groups, etc usually resulting in findings which are more detailed and subjective.”
Quantative research is defined by the CIM as “Market research which concentrates on statistics and other numerical data, gathered through opinion polls, consumer satisfaction surveys, etc.
Why do I need Market Research?
Market Research is a great way for small businesses to understand the dynamics of their market place and identify the needs and motivations of their customer base. As a result, the marketing plans you build will be appreciated by your clients and give you a competitive advantage vs your competitors.
At Rimu Marketing we can support you, the small business owner in a number of ways, depending upon your individual business requirements:
- Conducting an audit to help you understand what data you have, define and understand your market, competitors and clients.
- Create & implement a research plan on your behalf.
- Demonstrate how to use the data you already have and showing you where to look to build your knowledge.
- Or, if you would rather do this yourself then we can teach you how to get started.