Market Research 101 – using insight to grow your business……

Knowledge is Power

The Irish Small & Medium Enterprises Association believe that up to a third of Irish businesses fail & in many instances they fail due to a lack of understanding of their customers and market place.

It’s often been said that information is power & this cliché sums up well the market control & business success that information yields.

Market Research is about collecting information & as such gives business owners like yourself the information you need to understand your customer & market place better, to find solutions to business problems & to understand the opportunities that exist for your business to drive it forward successfully.

Here are some quick tips to get started on your market research journey:

Has a SWOT been done for the business?

This provides a very simple but effective one page snapshot of the health of the business – what you’re doing well, what you need to look at / address or stop, what you need to be mindful of & where your opportunities for growth are.

This is a priority if you haven’t!

When was the last time you asked your customers for feedback on your product or service?

FACT: It costs 8 times more to acquire a new customer than it does to service/keep an existing customer!!

Gathering this feedback can be as simple as picking up the phone to ask them how you’re doing & if there’s anything they would improve about what it is you are doing / offering to them.

Have you looked at your competitors in any great detail?

What are they doing? How do you compare? 

Market Research doesn’t have to be complicated & you shouldn’t shy away from it – it’s just about asking the right questions of the right people & just getting started with it!

Albert Einstein put it well when he said ‘The important thing is not to stop questioning!

Colette Quinn – Market Research

Colette Quinn - Beacon InitiativeColette is part of the Beacon Initiative, Grow Programme Virtual Management Team, which can assist qualifying SME’s to grow through the provision of management expertise that may not be accessible to them currently

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