Market Research Helps Your Startup Reach the Right Clients

Market research is crucial in the early days of a startup. To ensure success, you need to know that you’re targeting the right market, and that you’re speaking to them in their language. A one-size-fits-all approach to marketing no longer works, and there’s no point in wasting your money advertising to market segments that aren’t interested in your product.

The good news is, there are many ways to conduct research. You can take advantage of existing data, hire a marketing research firm, or conduct informal polling of people you already know within your market segment. For more information on the importance of market segmentation, visit our blog post “Know the Needs of Your Market Segment.”

Market research can tell you a lot of things. It informs you of your customers’ needs, wants, and frustrations. It can often clue you in on what they’re willing to spend to fulfill those needs and wants, which can help when setting a price point for your product or considering offering promotional discounts. It can even tell you who your competitors are in that segment, and how they’re targeting their advertising.

Once you’ve collected all these data points, you can analyze them to find the sweet spot for your startup, where you meet the needs of your market segment at a fair price. You can choose target messages that are different enough from your competitors to avoid any brand confusion. Now you have a strategy to unite all of your collateral into one powerful marketing campaign.

You should return to market research throughout the life of your startup, updating it regularly to ensure that your market segment hasn’t changed significantly and that you’re still speaking their language. This can be especially important in the fields of technology and social media, where trends are constantly changing. Doubly so if you’re marketing to millennials, who have their fingers on the pulse of the latest memes and other viral trends.

Want to know more about how market research can benefit your startup? Ani Marketing Service is here to help!

-AJ

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