Doing your own market research is probably not the best idea if you’re an established business looking to tweak your positioning. In fact, if you can find the money in your budget, then I highly recommend that you hire a professional market research firm to do it for you. It can be pricey, but it’s worth it. It’s an eye-opening experience to discover what your customers and leads really think about you and your products, what kinds of products and features they’re looking for, and who your buyer personas really are. You’d be surprised how many successful business get their target market wrong, but there are other questions that good market research will answer for you:
- Who is actually buying your products or service? It may not be who you think it is.
- Why is your target market NOT buying from you? Maybe you’re not doing the right things to reach your target market.
- What trends in either your industry or the marketplace in general are affecting purchases?
- What does your target market see as the most important benefits of your product? (You’d be surprised how often businesses completely miss the boat on this one and spend all their marketing efforts focusing on the wrong benefit.)
- Who is your real competition and why does your target market buy from them instead of you?
- What image or impression does your target market have of your product versus your competitor products?
- What benefits are most important to your target market?