Market research is critical for any business that is looking to succeed. You need to know what is working for your competitors, what are the needs of your target customers and what is the best way to reach out to them. All of this information is important if you want to stand out in the market.
The key to successful market research is based on your target audience. This blog will look at some of the key factors to consider when it comes to your market research.
There are many things that you need to do during the research stage of your product that you are looking to launch. Here are some tips on how to do market research on your target audience.
While you’re honing your skills, you should also be learning about the market, to see what parts of it excite you. Here are several ways to start.
Sign up for popular newsletters
Google “Alternative Health Newsletters”, “Nutrition Newsletters” or “Fitness Websites” and you will be inundated with websites and newsletters about supplements, weight loss, exercise and natural solutions to health problems.
Sign up for a few newsletters, and study their techniques and the topics they cover.
1. What lead generation tool do they offer? This gives you ideas for lead generation tools you can offer your clients who don’t yet have one.
2. What are the most popular topics they are writing about? You’ll soon see common trends and the hot topics to write about, for which clients may need your help.
3. How long are the newsletters, and what sections do they have? This gives you ideas for proposing newsletter writing to your clients.
4. What products are they selling? How do they describe their products? This provides ideas for writing product descriptions and sales pages.
5. Who are their target customers? This may or may not be obvious. For example, if they have several products for hormones and menopause, you know their target market is women of 40-55 years old.
If they have kid’s supplements, their target market is young moms. If they show guys doing crunches, you know their target is men.
Go to the websites of the companies whose products you buy. Is the site attractive and easy to navigate, or confusing and cluttered?
Are the product descriptions clear and enticing, or do they leave you confused?
Do they have useful content on the site, such as information about health conditions, and explanations of why certain herbs or supplements can help? Or is the site only filled with pictures of supplement bottles and pricing data?
Do they have a newsletter? Is it easy to find the signup box, or is it hidden somewhere at the bottom of the page where no one can find it? Do they have a blog? Is it updated, or is the last post 6 months old?
Do they use social media? Check out their Facebook, Twitter, and Pinterest page. Have they posted recently, or are their social media sites ghost towns? By studying several websites, you’ll soon see a pattern.
The ones with engaging content, a clear layout, and attractive visuals are most likely to be successful. Why? Because a professional website instills confidence and builds trust.
Studying 8-10 websites in your target market will give you valuable insights that you can share with your new customers. You’ll see what’s working and what’s missing. Then, when clients hire you to write web pages, you can suggest to them that a lead-generation tool will greatly increase their newsletter signups and their sales.
Who will they ask to write this lead-generation report? You, of course. Now you’ve doubled the work you got from one client, and your income as well!
Attend trade shows
If you want to write about natural products and have the means to attend Natural Products Expo East in Baltimore, or Expo West in Anaheim, California, I highly suggest you attend – at least once. It will open your eyes to the vast market for natural products, as you hyperventilate at the thousands of exhibits that span, literally, several city blocks.
You’ll find everything from the huge multinational supplement companies, to the mid-sized companies, to the eager start-ups.
The fitness industry, anti-aging, and self-help industries also have many trade shows and conferences. Check them out, and if you find any close to you, try to attend just to get a feel for what’s going on.
Market research is an important step in business and it is important to know your target audience and what they want and need.
We hope that the information in this blog has been helpful for you. Whether you’re a first-time market researcher, a semi-experienced one, or a seasoned veteran, we hope you’ve found a gem or two that will help you in your future market research endeavors. If you’d like to learn more about market research, or if you still have any questions, don’t hesitate to contact us at _. Thank you for reading, and good luck!