Market Research Advice for Small Businesses

lp-logo-30px  Research your market

Before investing any money on developing or advertising a new product or service, it is important to find out if anyone wants it. Researching the market enables you to test your idea, evaluate the competition and check to make sure your idea is viable. 

The following headings will help guide you through the process.

lp-logo-30px  USP

The first thing you need to discover is what sets you apart from all the other competitors in the market. There is  a temptation to say that the people within your organisation is what makes it unique. Unfortunately, that’s not good enough. Consider the following:

  • What does my product or service provide that is better than anything else available?
  • How can I go the extra mile to ensure my customers have the best user experience?
  • Is my product or service required by the general public or is it more niche?
  • Can my product or service solve my customer’s problems in a way that’s never been done before.
  • How is my product or service easier to use than that of my competitors.

lp-logo-30px  Customers

It is essential to know who your customers are so that you can tailor your products and services to meet their needs. Defining them will also help you build a relationship with them in your communications. It is highly probable that you will have multiple customer types. To help you identify your customer types consider the following:

  • Who is buying similar products and services?
  • Create a picture of each of your ideal target customers based on their demographic (age, gender, profession etc.), likes, dislikes and behaviours.
  • What needs or problems will your products or services solve for each of your customer types?
  • Will your customers types be interested in paying for the products and services you offer?

lp-logo-30px  Prices

Once you have established that there are customers for your products or services, you then need to find out how much to charge. Consider the following:

  • What prices are being charged for similar products and services by your competitors.
  • Ask potential customers how much they would be willing to pay.
  • Could you charge different prices to different customers based on levels of service or quality?
  • Could you offer discounted packages of products?
  • Try some either or questions with different customer types to find out what your product or service is actually worth.
  • Once you have decided on a pricing structure, ensure that your business idea is still viable.

lp-logo-30px  The Competition

By finding out what your competitors are doing, you can challenge them on price and service.

  • Check out what people think of your competitors’ prices, levels of service and what could be improved by asking their current customers.
  • Research your competitors online, through trade associations, trade publications, market reports, local chamber of commerce and their advertising
  • Ask your competitors questions either by phoning them or email.

lp-logo-30px  Product

If you are developing a product it is essential to find out what potential customers think of it. 

  • Develop a prototype to test it.
  • Use focus groups to obtain a wide range of opinions.

lp-logo-30px  Tips

  • Use questionnaires and surveys. 
  • Surveys, questionnaires and focus groups can be carried out simply and cheaply using online platforms like Mailchimp, Survey Monkey and social media.
  • All answers should offer a score or opinion rather than a yes or no.
  • All questions should be clear and concise.
  • Be wary of questions that could be misinterpreted
  • Encourage both positive and negative responses
  • Ask a reasonable number of people to get a better perspective.
  • Do not try to lead people to a particular answer.
  • Be realistic and remember that people don’t always say what they feel.
  • Get qualitative data that involve thoughts and feelings
  • Get quantitative data that involve facts and figures that can be measured.

lp-logo-30px  A Continual Process

Market research should be done continually. Once you become established in a market, your competitors will look to copy and improve on what you are doing to reclaim their lost market share. By regularly testing and researching your market, and adapting your products in light of any feedback, you should always stay one step ahead. 

lp-logo-30px  For more information…

For help with market research or generating leads call the marketing team at Local Pages on 0117 9231122 or email us at marketing@localpages.co.uk

 

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Time to Change

Change is constant

According to the ancient greek philosopher Heraclitus, “The only constant in life is change.”

And to misquote Shakespeare, “Some are born to change, some achieve change and some have change thrust upon them.”

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Change in light of Covid

For most of us the Covid pandemic has meant massive changes forced upon our lives. Businesses faced with uncertainty are having to adapt to new ways of working that may involve employees working from home or restricting face-to-face contact. On a personal level we have had to change our behaviour and adapt to new challenges such as social distancing and homeschooling while learning new technical skills in order to work and socialise online.

Whether change is a voluntary process or forced upon us, it is always uncomfortable.

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Adapting to change.

Below we look at the various steps in the change process. It’s worth noting that depending on the significance of the change, we can go through all seven steps in minutes or in years. At each stage we consider the emotions felt and ways in which we can make each phase a little easier.

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The 7 steps of change

lp-logo-30px Step 1 – A sense of loss

Something has changed, it’s different and it’s put you in a spin.

You can feel: loss, out of control, fear, shock, overwhelmed, unsafe and paralysed. 

It’s important at this stage not to ignore these feelings and to find some sense of control. This can be done by addressing your concerns and trying to regain some perspective by considering the most likely and worst case scenarios.

For managers of change: You should listen, empathise, offer support and give as much information as possible. If the change is likely to have a negative impact on people, do not try and sell it as a positive.

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lp-logo-30px Step 2 – Feeling doubtful

Doubt and uncertainty can create defensive behaviours and, even though you may be aware that change is necessary, you may resist the change and try to obstruct the process.

You can feel: resentment, angry and righteous.

Despite feeling that the old way is the best way, it is important that you gather the facts to form an accurate picture of reality.

For managers of change: Be patient, continue to offer support and offer any extra information to allow the person to reach their own conclusions 

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lp-logo-30px Step 3 – Frustration

You now know what’s going on but are unsure of how to deal with it.

You can feel: anxious, uncomfortable, confused and lethargic.

The danger here is that if you don’t come to grips with the new reality you could end up back at stage one. It is therefore important to stay motivated by planning and taking the best steps forward.

For managers of change: Allow the expression of difficult emotions while giving stability in areas that can be controlled.

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lp-logo-30px Step 4 – Acceptance

Your perception changes.

You can feel: more resourceful, energised and positive

There is light at the end of the tunnel and you start to feel more in control. 

For managers of change: You coach, encourage and support people to complete their unfinished tasks and create goals to allow people to focus on their immediate future.

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lp-logo-30px Step 5 – Test the future

You consider your options, make decisions and try out new plans to see what does and does not work.

You can feel: excited, optimistic and pessimistic

You will experience a wave of positivity when plans go well and feelings of despondency when new ideas fail. The important thing is that you keep on experimenting to see which solutions deliver the most success.

For managers of change: Create clear achievable objectives and encourage risk taking  without the fear of failure.

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lp-logo-30px Step 6 – Understanding

You come to accept the reality that change can be forced upon us by a wide range of circumstances and that they have to be dealt with and endured.

You can feel: confident, competent and productive.

You accept that life is a messy process and even though you may never reconcile or fully accept the changes, you are able to apply and implement what has to be done.

For managers of change: Encourage learning, celebrate success and provide the opportunity to reflect.

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lp-logo-30px Step 7 – Integration

Instead of feeling different, the change now feels normal.

You can feel: satisfied, focused, more generous and resilient.

By reflecting on the past and present you are aware of the consequences and rewards of the change. By experiencing change and proving that you can be flexible during a time of uncertainty can lead to a sense of personal accomplishment and great satisfaction.

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Thanks to changecycle.com and Anchor Success

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