Perform Market Research
Posted: Wed Jan 15, 2025 5:17 am
Market research is essential to understand your audience. You may think that who you want to market to and engage is from one group, but then you find out after research that it’s another cohort you never thought of. This is why creating buyer personas is important and market research feeds into their development.
So how do you start? Describe your product or service, its features and benefits lack data in detail, as well as how it differs from your competitors. Then focus on your key product or service features, including pricing, service, distribution and placement. Finally, collect, organize and write down this information. Some areas to consider include:
Market dynamics, patterns such as seasonality
Product - what's currently available? What is your competition selling?
Industry benchmarks
Potential vendors and partners that you will need to rely on
In this step, you also need to consider your competition and develop your Unique Selling Proposition (USP). What makes you different from your competitors? Write a few sentences that clarify:
Who your key market is
What you sell or offer
Your USP
These exercises will help you determine your target market and how to effectively sell your product or service. This research will all feed into the next step - persona marketing research.
So how do you start? Describe your product or service, its features and benefits lack data in detail, as well as how it differs from your competitors. Then focus on your key product or service features, including pricing, service, distribution and placement. Finally, collect, organize and write down this information. Some areas to consider include:
Market dynamics, patterns such as seasonality
Product - what's currently available? What is your competition selling?
Industry benchmarks
Potential vendors and partners that you will need to rely on
In this step, you also need to consider your competition and develop your Unique Selling Proposition (USP). What makes you different from your competitors? Write a few sentences that clarify:
Who your key market is
What you sell or offer
Your USP
These exercises will help you determine your target market and how to effectively sell your product or service. This research will all feed into the next step - persona marketing research.