Talking Cents

How to effectively do market research

As much as you want an original idea, chances are, you will have competitors who have the same if not similar ideas. As such, it will help you tremendously to do market research before you commit to creating a business. Here at M.A.S Partners, the leading small business accountants in Sydney, we understand the importance of market research, and help hundreds of our clients to perform their best doing so. Market research is not just important when you start up, but important all year round if you want to remain relevant. The last thing you want is to seem like a business who is out of touch. As such, we have provided some tips to help you do your own market research.

Who is your customer?

Every business should have a clear defined target segment. Your product will not sell if you have nobody to sell it to. As such, before you start anything, you should establish who your customer is. This will help you build better products and services catered towards the customer and learn how the customer makes purchase decisions. It helps to create a customer profile, Which describes a specific person or business that will buy from you. Be sure to include the age, location, and interest when creating one for a customer. When creating a profile for a business, think of the type of industry, the size, and the location. In addition, you should research what issues the target segment has, and how your product or service can resolve this for them.

Competitors analysis

Regardless of what your product or service is, you will have competitors with more experience in the field. Research what your competitors are doing well, and where they lack. You should copy what they are succeeding in and improve on what they are lacking. In doing so, you will be able to differentiate yourself from the crowd. Understanding the revenue your competitors make yearly, and the trends in the market will help you forecast your products and know where to make improvements.

How can you do market research?

One of the easiest ways to do market research is to search the internet. Consider searching for public studies in your customer group, and follow what people say on social media and community groups. Go through websites such as Statista and IbisWorld, as it will help give you numerical data to help. If your business is more developed, consider starting a community for your customers, where you can update them, and also research who your customer base really is.

Consider M.A.S Partners for small business accounting

Our small business accountants at M.A.S Partners have vast experience in a wide variety of industries. As such, we are able to help you with market research, to ensure your business remains relevant for years to come. We provide expert advice, and bookkeeping, so you can keep your attention on developing your business. For more information on our small business accounting services, click here.