When starting a business, one of the main difficulties is getting people to know about it. It is a common mistake for entrepreneurs to focus on creating the best product, designing the best logo, preparing eye-catching packaging, but leave the most important thing last: marketing. In these times, it is not enough to have a website and social networks, you have to know how to take advantage of them.
The first step is to conduct a market study based on the detection of the needs of your target audience. Knowing your audience will generate sales almost immediately, if you do not have a budget for this assignment, you can turn to the best working capital loan for small businesses.
The main reason why startups fail is due to the lack of adequacy of a product to its market (34%), according to the Failory platform. In this sense, a correct marketing strategy can position you as a reliable brand, thanks to the engagement it can generate with your customers.
If you think this process is out of your reach or budget, you are very wrong. You can implement it by yourself or approach a specialized agency, in either case it does not have to be a blow to your economy if you use financial products such as the working capital loan.
What is a market study for?
Before starting a business or to correct the course of a ship that has already sailed, a market study will allow you to know the offer and demand of the product or service you will sell.
With a market study, you will be able to know age ranges, tastes, needs, promotion channels and more implementations that will give an added value to your entrepreneurship.
Among its advantages is an optimization of your product or service, from the results you will be able to implement specific improvements to your offer and above all, you will understand better the added value that you provide.
If any of the results of your market research implies making an investment that you had not considered, find the best financial loans and do not limit your growth.
How to do a market study?
It is important to start with a simplified process so that, depending on the size of your company or its current situation, you can modify it.
Relying on a working capital loan can be a good way to solve the pain points you identify. Take note of the 4 keys to carry out an effective market study.
1. Identify your objective
What do you want to achieve with the study, get to know your customers, increase your sales, improve your product or optimize your operational processes, all are valid reasons. Set the main goal and make sure you don’t get sidetracked.
2. Know your target market
It is not enough to imagine what they think or ask your close circle, do surveys to the customers you have in your database or to your potential market.
Prepare closed questionnaires that allow you to obtain quantitative results: Where they live, how much they spend, how they prefer to close a sale, are some questions that can help you.
3. Analyze your competition
Observe the actions that your competitors follow to reach their customers. Analyze their good and bad practices, even buy from them and live the complete buying experience, in this way you will find windows of opportunity for your company.
The lack of a planned budget for this purpose may arise as a reason for not doing it, do not let the growth of your business stop for this reason. Investigate financial products such as working capital loans and choose the type of financing according to your needs.
Tell us, have you done a market study in your company? What have been the results?
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