You want to develop a new product, but how can you be sure it’ll reflect your customers’ wants and needs? Here’s where market research comes in.
It starts with gathering information around your buyers, to help you get to know them. Once you have these insights, you can understand how new products might land, how existing products are being received, see where customers are likely to view your ads, or understand how they perceive your brand. It’s the first step to tailoring your product or service to them and their preferences. After all, without your customers, you don’t have a business, so meeting their needs is essential.
Ready to understand your customers on a deeper level, and start speaking their language? Here are three steps you should take.
You’ll need to get an understanding of your target audience, including their age, gender, location, job, lifestyle, income, and what they tend to buy. How can you find this out? It starts with some first-hand research: look at your existing customers, identify their problems and priorities, and the steps they take when choosing to buy. Next, do the same exercise with people you’d like to turn into customers. That way, you can tailor your approach and product or service to them too.
Once you’ve defined your target audience, you can start getting to know them better. Decide which method(s) will work best for you and your business. Here are some options:
For more support discover our free business support helpline and ​speak to one of our Business Advisers by phone, contact form or web chat.
Wondering what you can ask? Our team can help with a range of digital topics
Available Monday to Friday, 8am-6pm, our friendly team are here to provide guidance and support on the topics that matter to your business.