6 times to revisit your market research
Once upon a time you had an idea. A business idea. It was a product, a service, an app, that you felt you could market to the world. So you did some research. You hired a market researcher. Or you did it yourself. You hosted a market research event, you sent out surveys, you contacted your target audience and figured out what they needed from your product. You determined the best path forward and now you have a thriving business and you are set! You never need market research again, right?
There are many times in the life of a business when you may want to revisit market research for various reasons. Market research is endlessly important when it comes to understanding your market, developing strong business plans and goals, and maintaining a healthy, competitive business in an ever-changing global market.
We are going to identify some of the best times to revisit market research for your business:
1. A rebrand.
Whenever you consider a rebrand for your business, whether it is a full overhaul or just something small like a new logo or new packaging, it is important to look back to market research, or consider some new market research. Rebrands can be a major boon to your company, or they can sink it, and it’s essential that you consider your market when you approach a rebrand. Will your customers appreciate the rebrand? What will they be looking for in your new approach to your business?
Alongside a rebrand can be a whole new set of goals, and it is important to be sure that your market research supports your new goals. Is your rebrand being done in order to appeal more to a market that is increasingly more aware of things like carbon footprints? Or do you just think the old model is outdated? Either way, it’s essential that you walk into that rebrand with knowledge of the full scope of your market base. This can be done by using an online focus group, survey, social listening, or other data collection methods.
2. When a new guy comes to town.
Your assistant just brought you a newspaper (or, ya know, sent you a link to one) because a new business just opened up in your neighborhood that offers similar services. This is the perfect time to take a second look at your market research!
First of all, we have to assume that new business looked at market research, and something brought them to your neighborhood. What made them think they can do as well as you are? (Or do they know you are struggling?)
Second of all, any new competition is reason to make sure you are still in line with your consumers. This is a great time to revisit market research, take a second look at your business objectives and figure out what you can do to remain competitive against the new kid in your market.
3. When sales dip.
An unexpected dip in sales can be terrifying. But it can also be a great time to revisit market research. Not only can the research perhaps shed some light on what may have caused your dip in sales, but quiet time can offer a great chance to explore the market a little deeper. Why not take this time to explore what else has been changing? Did you miss something when sales were up that can come to light now?
4. When sales rise.
No one is ever going to complain about a rise in sales, right? So why revisit market research now? Well, this can be a good time to explore why your sales are increasing, and perhaps harness some of that good energy! Use that buzz about your success to your advantage by keeping an eye on it, and keeping it flowing into the quiet times.
5. Whenever you consider a change to your business plan or model.
This may seem obvious but, you don’t want to change your business plan or your business model without doing a little market research first. Especially if you have been doing well so far! This is a great time to revisit market research, and take that into consideration before you make changes in your organization! This market research results can be the best way to figure out your safety nets, and ensure that your business remains successful through the changes you have in mind.
And finally, the market changes. Sometimes you just need to revisit market research because the world is changing every day. And lately, it seems to be changing at a faster rate than ever before. Because the market changes all the time last week’s market research may already be out of date. It’s hard to predict what may or may not impact sales, but market research can at least be a predictor if something is humming on the horizon.