As an entrepreneur, you may know every detail about your small business, but can you say the same about your customers? In order to effectively market your products or services, you need to know who’s purchasing them! Market research consists of gathering and analyzing data about your customers in order to understand them better. “By gathering as much data as possible about your clients you can not only keep the customers you already have but also find more customers and increase your profits,” says Louise Johnsson-Zea, small business marketing consultant at ACCION.
You don’t need to hire a pro to conduct research on your target market-put your own investigative skills to use and do it yourself! For example, as a storefront owner, you can gather data inexpensively by conducting a survey at your store. By following the steps below, you’ll be well on your way to understanding the market your business serves.
Step 1: Determine the Questions You Need Answered. In order to understand your customers, list the questions that are relevant to both your customers and your business. Johnsson-Zea recommends asking yourself and your customers the...
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