5 Questions To Ask When Conducting Market

Research For Your Business

Market research provides you with information on your potential customers, including who they
are, how many there are, and how they could behave in regard to your company. Your fact-
finding expedition should also assist you in learning about your rivals and how your organisation
compares to them.

If you are performing business market research for a new company endeavour, you may learn
that your local region is oversaturated in the industry you wish to enter. The finest franchise
chances in an emerging area may be with a less well-known brand. Turning away from well-
known firms may provide you an advantage in your chosen industry, but because there is less
assurance with this option, market research is even more important.

Before you begin conducting business market research, you should think about what you want
to learn. The procedure may be time-consuming and occasionally dull, so it's important to avoid
wasting minutes or hours on irrelevant lines of inquiry.

Begin your inquiry with a clear objective in mind; what is your ultimate goal? Once you've
determined the solution, you may develop a comprehensive strategy. Here are some questions to
ask yourself when conducting market research. 

1. What is the demographic makeup of my target market?

Although it may be tempting to attempt to appeal to everyone, you run the danger of creating a
boring firm with no appeal at all. And by attempting to reach a huge number of individuals with
the same message at the same time, you essentially place yourself against the greatest number of
rivals imaginable.
By fine-tuning your target market parameters, you may concentrate only on attracting your
desired population, avoiding the "one size fits all" approach. You'll be able to convey a targeted,
eye-catching message in locations where your target audience is likely to notice it.

2. How will I reach out to my target audience?

After you've narrowed down your target audience, it's crucial to get to know them better so you
can figure out how to best appeal to them. You may split your target market into different groups
based on variables such as geography, age, and socioeconomic background using a process
known as market segmentation.

Understanding your potential consumers' lives, attitudes, and behaviours enables you to create a
customised message and deliver it at the appropriate moment. This strategy will eventually result
in greater response rates, which will convert into more sales.

3. What is the size of my target market?

If you're establishing a new firm, the answer to this question will be used to construct your
financial projection in your business plan, so be realistic. You must assess the size of your
market and the number of potential clients it provides.

Understanding market size allows you to distinguish between two groups:

• The addressable market consists of the complete opportunity for your product or service.

• The available market - the portion of the addressable market in which you can compete
realistically

By distinguishing between the two categories, you can tailor your message to ensure that it
appeals to both.

4. Is there room for expansion in my target market?

This question is a crucial component of market research preparation, and it is especially

important for established business owners looking to drive growth. Changing demand has an
impact on almost every business and franchise opportunity, either positively or negatively.

Consider if the number of individuals in your target market is going to grow. Consider changes
in people's purchasing habits to help you answer this. Is it expected that individuals will spend
more or less in your market over time? Is it possible that external influences, such as law or
environmental changes, will have an impact on your client base?

5. Who are my rivals?

You should examine not just your consumer base, but also your rivals. Make a list of your key
business competitors and analyse their strengths and shortcomings. The more information you
can get on them, the better. You should look into:

• where they're based

• what they sell

• how much they charge

• their marketing messaging

• their reputations 

Understanding your competition may help your business by allowing you to transform their
flaws into your strengths. You could even be able to create a unique selling point that your
competitors can't match.
Are you looking for business market research? Look into YRC. YRC's statistical surveying
conveys a thorough and exhaustive assessment that includes the major market elements that
inspire notable experiences rather than merely introducing a mix of measures. Their objective in
retail statistical surveying or eCommerce statistical surveying isn't simply to provide raw
statistics to the market, but also to assist customers in making intelligent decisions. Visit YRC at
https://www.yourretailcoach.africa/services/market-research/ for more information about
business market research.