The Best Ways to Do Market Research for Your Business Plan

Are you looking to put your business plan together? Developing a clear business plan is essential to the success of any organization, helping to provide clarity and structure as your company grows. When it comes to creating a comprehensive and effective business plan, market research is essential to ensure you are tailoring it to meet your consumers.

However, we know how tough it can be to know where to start when it comes to market research. That is why to help you, we have taken a closer look at some of the best ways to do market research for your business plan.

How to conduct market research

When it comes to market research, there are two main types that you can conduct:

Primary

This is information that you gather first-hand. This could be through questionnaires, studies, telephone interviews, or online polls of your customers or selected target groups.

Secondary

This uses data and public records that are already available to you that you can use to draw conclusions from. Whether it is trend reports, sales data, or industry content, this can be useful information to analyze your competitors.

Questions to ask

Market research is all about finding out as much as you can about your customers and competitors. When it comes to using this information to develop your business plan, there are several questions that you should ask:

  1. Who are your current customers?

This should cover exactly who your target audience is, including things such as their age, income, lifestyle habits, occupation, and desires.

  • What are the current buying habits of customers?

With this question, you want to try and ascertain what the current buying habits of your customers are. This should include the products and services that are most popular, the price points that are working, and why they are choosing your brand over another.

  • What is your target audience?

This question can be a challenging one to answer, but you should try to establish the persona of your ideal market. This will help you to tailor your marketing and branding accordingly, increasing your conversion rates.

  • What makes you unique?

This can be another very difficult question to answer, but you should try to identify what will make your target audience purchase from you. This could be due to your price point, your superior quality, unrivaled customer service, locality, or individuality. Whatever it might be, when you know your USP, you can begin to use this within your branding and marketing materials.

  • Who are your competitors?

When conducting your market research, you should also spend some time focusing on your competitors. This should include who they are, their locality in comparison to you, and how many years they have been in business.

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