A Brief Introduction to Market Research

A Brief Introduction to Market Research

 Kapso Business Services is India’s Leading Brokers. We consider ourselves the best in SME Mergers & Acquisition offering services like Business Valuation and loan syndication. 
There a are multiple reasons why buying a running business as compared to starting from scratch is beneficial and why selling your business through KAPSO is much more efficient as the nature of mergers and acquisitions in the SME market space is that of lead generation. Marketing is key for our business to spread the word and get clients and for the best marketing campaigns you need to do a Market Study/Market research
Almost every small business or startup will benefit from even the most elementary market research. If it does not provide new information, it will at least confirm what you know.

When you’re starting your business, you need to have a deep understanding of your customers. In fact, knowing your customers inside and out is probably the most important key to success.
Your customers are the people who desperately need your product or service. You need to know who they are, why they want your solution, what they like and dislike, and even what they had for breakfast. Knowing all of this will help you find more customers and build a better product that your customers will clamor to buy and tell their friends and colleagues about.
This is where market research comes in. small business internet marketing- small business technology plan- technology for small business owners- small business online marketing- marketing your small business- small business marketing company
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What is market research?
Market research is the process of gaining information about your target market—a fancy way of saying “getting to know your customers.” Ideally, you find specific information about your target market and the key factors that influence their buying decisions.
As you get started, you’ll need to determine what type of market research is going to work best for you. Make that decision based on the value of the insights you think you’ll gain, versus the time and effort you need to invest to find the information.
Market research is often confused with an elaborate process conducted by fancy consultants that takes a tremendous amount of time and money.
That’s certainly not true. You can, and should, do most of your own market research, and it doesn’t even have to be that hard.  marketing a small business, small business online marketing services, marketing 101 for small business,

After I explain the different types of market research, I’ll share all the resources you need to do your own.articles on small business marketing, marketing my business online

Types of market research

1. Primary market research small and medium-sized business, free online advertising for small business,
Primary market research is research that you conduct yourself, rather than information that you find already published. Primary market research is information that you gather by talking directly with your potential customers.
Here are a few ways to gather primary market research:
-Hold focus groups
A focus group requires you to gather a small group of people together for a discussion with an assigned leader.
-Survey your customers
Distribute these both to existing customers and potential customers. Sending out a survey using tools like SurveyMonkey is a great way to collect this type of information from current or potential customers of your business. You can even run tiny surveys right on your website with services like Qualaroo. Make sure to ask specific questions—but try not to lead people toward the answer you want to hear. Be as objective as you can.
Assess your competition
Look at your competition’s solutions, technologies, and what niche they occupy. Completing a competitive matrix can help you understand how you stack up against them.
-One-on-one interviews
Find potential customers and talk with them about their problems and your solutions to those problems. Ideally, conduct these in-depth interviews in your customer’s workplace, or wherever they will be when they might consider shopping for your solution.

2. Secondary market research
Market research may also come from secondary sources. This is information others have already acquired and published about customers in your industry.
Access to this secondary market research data may be yours for the asking, and cost you only an email, letter, or phone call. Much of it is entirely free and easily available online.
Here are a few ways to gather secondary market research:
-Trade associations: Trade associations are organizations that serve specific industries. There’s almost certainly one for your industry. Once you find it, contact them and ask them for information about their industry and markets in the industry.
-Government information: The Indian government has a  treasure trove of information to wade through. The data is all free but may take a little bit of time to find.
Third-party research sites: For reasonable fees, there are market research companies that will sell you pre-written industry reports that provide information on industries and their target markets.


Benefits of Market Research

1. Minimize risk portfolio

Starting a venture including an online business is a very huge risk. There are possibilities you will make profits or losses. That will depend on the acceptance of the products by the consumers. However, a market research will minimize the risk involved in the business. It will assist in setting up business with the potential of making huge profits.

2. Understand customers

Customers within a particular target market behave differently. Their behaviors affect the growth and the profitability of a trade. It is good to know what customers like and products they shun. When armed with such information you will know the perfect products that can meet their current needs. Lack of knowing the customers will culminate in poor or no sales.

3. Selling the right product

The consumers in the online market are always cautious when buying merchandize. If the product does not add any value to their lives they will not procure it. That shows a need to advertise and sell the right product. The products that are on demand will always attract countless individuals to buy them. Market research unveils the right product for you.

4. Beat competition

Unless your business is a monopoly, you will find competitors. Competition for online market share is very high. Without the capability of beating competition, it is unbearable to make enough sales and sustain your business. Market research gives you an opportunity to know your competitors well and understand their strengths and weaknesses. This will give you an idea of how to deal with them.

5. Measures reputation and capability

The market research not only provides information about the market and its potential but also your capabilities. With the results obtained from the research, you can measure your reputation and capability in making gains in the market. Thus, you can assess the strategies you had enacted to run your business. It assists in enhancing your effectiveness in the trade.

6. Forecasting

An accurate market research tool has the ability to empower you to make plans on how to run your business. By examining every factor within the market, you can easily predict how the market will become in the future. With this information, you can change the ways of running the business to fit the future needs of the market.

7. Unique strategies

Most people fail in business even before they have started. This is because they are not creative enough to come up with unique strategies. Some duplicate the strategies of their competitors and that makes clients not to trust them. Without market research, you cannot access critical facts that will empower you to make unique strategies.

8. Improves communication

Market research boosts effective communication in business. It is essential and mandatory for the customers to demand more information about your product. However, the research will have unveiled to you the need of those prospective customers. Thus, you will possess some ideas on how to handle the questions of those customers.

9. Accuracy in advertising

The sole purpose of advertising is to create a need within a market for people to procure your product. Since you would have known several needs facing the clienteles, you will set up a very creative and effective advertisement. Since the advert addresses the needs within that market, it will lure numerous clients. The research promotes accuracy in marketing.

10. Strengthen your markets position

It is always good to know the position of your business in the online market and monitoring its progress. That is the only way of knowing whether the business is making progress or not. Market research sets a benchmark for your business. This prevents your business from reversing back in terms of making sales and profitability. Ideas to strengthen your position will be generated.

11. Strategic planning

Lack of planning frustrates the growth and development of any venture. Before planning, you need well defined goals that the business is meant to achieve. After setting the objectives it would become very easy to come up with a proper plan. The plan guides you in achieving the set objectives. Right and accurate strategic plans rely on the facts from market research.

12. Quality of decisions

The value of every decision is a function of the facts you have. Lack of proper facts will culminate in poor or wrong decisions. In business, a miscalculated decision or choice can be costly. It might lead to a very huge loss. By doing online market research, you obtain more facts regarding the market and the business. This improves the quality of your decisions.