The 5 better reasons for marketing research for the startup entrepreneur
Every entrepreneur may be afraid when starting a new business, this is a nature feeling because there are multiple variables that control the business market that could affect the outcomes.
Market research could increase the opportunities for success of smart entrepreneurs, and tell you when and where and, how you could invest your current resources to increase the likelihood that your company objectives will be achieved to get high revenue.
In addition, market research supports your products by providing intelligent solutions that meet the needs of your customers, and helps in positive change that boosts your brand by generating more leads.
Market research:
We could define market research that It is the process through which you could evaluate the feasibility of launching a new product or providing a new service.
You could do this market research directly or ask other organizations and companies to conduct it because it will allow you to know your target audience, collect data, know their priorities, to make the right decisions based on it.
There are different methods to do market research such as surveys, asking a group of people (taking a sample), and direct interviews.
From our recent market research of Farinas in Dec. 2021, we discovered the following results:
Based on the results of this diagram, we could find about 92.9% depends on direct selling and distributors to sell for their customers, while 71.4% only sell through online and offline channels. As a marketer, you have to know the most marketing challenges you will face in 2021, this could be discussed the top three in this diagram:
* Targeting the right audience.
* Measuring success and return on investment.
* A lack of strategy and planning.
This shows the importance of content marketing and studying carefully the B2B buyer journey and purchasing cycle. The industrial business has effective content marketing which could grab the attention of the prospects who are searching for solutions of their needs.
According to backlinko 38% of B2B Company Blogs Publish Content to Educate Their Audience.
While that puts more pressure on marketing departments to create a continuous stream of content at the right time, in the right tone, and for the right audience. a fair number of B2B companies are either not using content as part of their marketing approach. Or their content marketing is happening off-site (for example, on social media networks like LinkedIn), which show why 46% of B2B marketers plan on investing more in content marketing in the future.
What is the importance of market research for startup entrepreneurs?
1- To reach the right target audience:
Determining the target audience is the first step to starting your business, understanding their needs, and think about how to provide the appropriate products. If you didn’t select well your target audience, your sales rate will decrease so much.
Moreover, you could know your potential customers and know how to grab their attention to become real customers. In addition, you will predict if you offer a new product, will it be suitable for the customer or you have to modify it.
All these data will help you to make the right decisions to know where and how to sell for them.
2- To select the way you will sell:
It is the second priority for a smart entrepreneur to think about how to sell to your customers. Because the customers’ priorities change based on their needs, so knowing these needs will help you to know how to select the suitable way to sell your product.
For example, if your customer doesn’t have an account on social media, so offering him a new service through social media considers wasting of your time.
So knowing the best platforms to sell is the way to success, you could provide services through online marketing or just by sending SMS.
3- To Know Your Competition:
You are not the only company in the market, there are other competitors. Knowing your competitors whether they are direct or indirect competitors through competitor analysis, will help you to know how to promote your business.
Moreover, market research will help to know how to remain competitive with your target audiences.
Studying the way your competitors manage their business, will support changing customer loyalty for your business.
4- Understanding the customer types:
Market research enables you to understand your customer and know how they think and how you could use this for your brand awareness. There are three different types of customers:
The ‘savvy’ purchaser:
He doesn’t concern about the quality of the product. He just compares your price and other competitors’ prices.
The industry influencer:
The person who doesn’t know well your product but he easily influenced by other prospective customers and he trusts her opinion.
The end-user:
An end-user is a customer that will use your products or services on a day-to-day basis. He is a candidate for primary market research. It is ideal if you’re still in the process of developing and designing new products.
5- To promote your marketing tactics:
It helps to improve your communication tactics, and marketing tactics too such as social media management, and how you could enhance your sales rates to get great results.
Conclusion:
There are many benefits of applying marketing research for the entrepreneurs who start up their businesses.
Market research uses SWOT analysis to tell you the main threats or weaknesses or strengths or opportunities that could control the success of your business.
In addition, market research helps to determine your target audience to discover new potential competitors giving your business a competitive edge that provides overcoming the barriers.
Hope that reading this article told you the importance of market research for startup entrepreneurs.
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