In Episode 92 of the Bright Planning Marketing Podcast, we’re happy to discuss the following questions from Chelsea, who writes:
I’d love a 101 on ‘market research‘. It’s always a recommended practice and I can do market research in my own way but I never really know if I’m doing it productively. Maybe you could walk through an example of what “doing your market research” looks like for a small biz owner.
Am I networking with other photographers to learn the culture? Am I surveying past clients to understand what they want? Am I researching what other photographers are offering in my comp set? Am I Google searching keywords? All of the above? These are just a few questions that I ask myself when told to “do my market research” and I’m overwhelmed with how vague that sounds. Just a thought! : )
Thanks for the great questions, Chelsea!
While there are many ways to perform market research, most businesses use at least one of the five basic methods: surveys, focus groups, personal interviews, observation, and field trials.
So, what is the purpose of marketing research? You can use research to receive more clarity on brand awareness, competition in your field or local area, new or current product likeability, demographics on your target audience, simple “this or that” votes, branding decisions, business model or pricing decisions, cultural insights (if you’re expanding to a new geographic market), and so forth.
In Episode 92, we also talk about the importance of knowing your goal. For instance, you should be able to readily answer these questions: What problem are you trying to solve with this data? How will it benefit your product, your customers, or your company in general? Asking these questions will allow you to understand the issues and the type of data you’re looking for.
Listen to this show to also learn more about marketing surveys, focus groups, current client conversations and interviews and more! Thanks for listening to the Bright Planning Marketing Podcast!