How do you market to your audience? How do you know who that audience is? The answer to these questions comes down to how to do market research for a small business. Researching your market gives you the designer details of what your ideal customer base is looking for and how you can provide for them.
In this Papion Marketing blog, we’ll dive into the finer points of market research and how to do market research for a small business. From marketing in a saturated market to mastering local SEO, these tips and tricks are foundational to your success. Read on to learn how market research works for small businesses and why it is so very important for your business growth.
What Is Market Research?
Before we leap into the specifics of how to do market research for a small business it’s time to define market research. So, what is market research? Market research is the myriad of techniques businesses and entrepreneurs use to gather information and gain a better understanding of their market.
These five facets of market research are key to making it a successful piece of your marketing efforts:
1. Online Surveys
Online surveys are a stepping stone into market research. You can implement them through your social media management to kick off this chain of events. They provide information about what your customers want from your brand.
2. SEO and Strategy-Based Competitor Analysis
Market and competitor analysis are closely linked in business growth. Your most critical competitors are the ones who have the same market as you. You can use this similarity to your advantage by analyzing those competitors to see how they’re reaching the market.
3. Listening On Social Media
Being active on social media isn’t just about the importance of content creation and announcing new marketing campaigns. Social media is a place where you have a direct link to your market. Use that link to listen and learn what they’re looking for and how you can better market toward them.
4. Focus Groups
Yes, we know, who does focus groups anymore? Well, plenty of businesses still use this way of checking in with their target market. You can update the focus group structure by hosting a dinner with a focus group tone. You can also work on this with collaborators in your industry.
5. Keyword Research
Effective keyword research is one of the top SEO challenges small businesses face. It’s a task of finding keywords that match your brand, your intent, and your audience, and have the right volume to gain traction. In small business marketing and branding, effective keyword research gives you a glimpse into the wants and needs of your market.
Mastering the Art of Small Business Market Research
The art of how to do market research for a small business is a practice that requires consistent attention. As the market shifts and your business grows your market research needs and capabilities will alter accordingly. Papion Marketing can help you manage those growing pains and master market research. Reach out to work with our experts today!