What Is Market Research: A Beginners Guide To Marketing
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What Is Market Research: A Beginners Guide To Marketing

Market Research is one of the most vital parts of any business, unfortunately, it's also one of the most confusing. In this article, we break it down and explain: what market research is, why it's important, and how to do it yourself.

When it comes to putting together and running a successful marketing campaign, effective Market Research is an absolute must. So what is Market Research, and why is it so important? Well that, dear reader, is what we’re going to cover today. In this article I’ll explain what Market Research actually is, why you have to do it, and, most importantly, how to do your own Market Research. So let’s get started.

What Is Market Research?

Let’s face it, before you try to market a product or service, you need to know who your trying to market to. Unless you’re part of a large corporation, you’ll only have a limited amount of resources to use for marketing your business. That’s where Market Research come in. It gives you an idea of the make up or your “market” (hence the name), such as: how many people live in your area, what percentage are men/women/children, racial and ethnic diversity of the area, the property values and per capita income of your area, and all sorts of things that go into helping you decide the best way to market your business to the public.

Why You Need Market Research

Each of these individual groups that make up your total market are known as “Market Segments”. Not to be confused with “Market Share”, a Market Segment is basically anything that “Segments” your total market into smaller pieces, such as: age, race, gender, income, and so on. Market Research gives you a glimpse at all of the different segments that make up the market in your area. This is why Market Research is vital to your business. Not only will it help you save money by letting you target your marketing campaigns to specific market segments, it can also help you explode your revenue once you start bringing in highly qualified customers.

Do It Yourself Market Research

While this is one area that I strongly advise you to hire a professional, there are ways to do your own market research. One of the most basic ways, is to simply drive around and take a good look at the area around your business. Look for things like: competing businesses, are there schools around, is there a large residential population, is there nearby access to public transportation, pretty much anything that can give you a little insight to the people who live and work in the area.

Another great way is to use the Internet. By searching sites like Google and Bing for information on your local area, you get tons of valuable information. Also, check out social media sites like Facebook and MySpace for groups in your area. It’s also possible to find non-competing businesses in your area and offer an “Information Exchange”. This way you get a more complete picture without the expense and effort of doing it yourself.

Regardless of what type of Market Research you decide to do, you’ll need to do something. As Ben Franklin said: “If you fail to plan, you plan to fail”. Those words have never been more true than as they pertain to effective Market Research. Not having a clear picture of who your customers are is a huge mistake, and a sure way to hamstring your business, and in today’s economy, that’s one mistake that could prove to be fatal.

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