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Why Market Research Matters When Starting Your Business

Oct 26, 2020 | Business Ownership, Podcast

Why Market Research Matters

Market research is the number one way to get to know your ideal audience or client avatar.

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t will answer the questions of who you want to help, their problems, and if you can provide them with a solution. The more you can understand who it is you’re serving, the better you will be able to provide what they need.

 

Check the Competition 

The first way to get the information you need is to check the competition. Go to people’s websites and social media profiles who have similar audiences to you or work in the same niche. Check what kind of content they post and what people are saying about it. Take note of how your competitors interact with their audience and what calls-to-action they use.

 

You can also subscribe to their email lists to see what kind of content they send out and how often. Gather information from different people and see how you can apply it to similar areas in your business. 

 

Do not copy the competitors! The point of checking the competition is to gather information and apply it in a way that works best for you and your ideal audience. You can also better identify any gaps in the marketplace and fill them accordingly.

Identify the Target Market 

Once you’ve done your research, identify the target market. Who is it that you want to help? What kind of people are looking for your services? 

 

Market research makes things more clear as to who it is you’re trying to attract. You can then create content geared specifically towards that audience. Through your research, you will also identify specific words or phrases often used, which you can incorporate into your content to attract the right people for your business.

 

You can also go straight to the source and survey your target market. If you’re a relatively new business owner who hasn’t acquired an audience big enough to survey yet, start small. Ask friends and family if they know of anyone who fits your ideal client avatar. Facebook groups are also a good place to find your target audience.

 

Review Social Media Insights 

Another great place to find some additional information on market research is in your social media analytics. Find out which content resonated most with your audience or had the most engagement. This includes likes, comments, and shares. Insights and analytics alone tell you right away what works and what doesn’t. 

 

Your website is another great way to check your insights and see which pages are the most viewed. The data will tell you everything you need to know, including which content to make more of and which ones to scrap. 

 

I recommend checking your insights often to see what works best for your audience on each platform. Some things work better than others depending on the social media platform. The more you check, the more familiar you will get with the content that resonates with your ideal audience.

 

Conclusion 

Market research is crucial for any business owner and gives you a direction to work towards, will help you to identify your target market, and find out what sparks their interest. A little research goes a long way and provides the answers you need to create better content for your audience. 

 

Whether you’re starting in your business or are already established, the Creative Boss Society will provide the direction, training, and tools you need to start selling confidently, all while being supported by your community and coach. You can also find us on Instagram, where we post tips and tricks to help you thrive as a business owner.

 

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About Me

 

Corporate America had me at hello for 10 years. And just when I thought I was where I was supposed to be, God changed the narrative and helped me find more time for my husband and two beautiful girls through my own photography business. Now, I live for all things styled photography and serving the business community exclusively through styled imagery and personal brand photography.

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