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Market Research: Knowledge Is Power

Updated: Apr 15

For any franchise or business owner knowledge is power. 

Even more so, market research is power. 

It’s important to do your research when getting into business. Not only will this prepare you for the journey ahead, but it can offer up insights you may not have discovered on your own.  

Market research questions

You have to complete market research, no matter the business. There are so many avenues you can take this research, such as:

Who are you competitors?

How is your business different to theirs?

What can you offer that they can’t?

How do they market their business?

What advertising works for your industry?

Is there a pre built customer base you can tap into? (Franchise owners this one is especially relevant for you!)

Defining the market

Market research can be conducted both formally and informally. But first, you need to define the market you are trying to reach. Sit down and write out a list of the people your product/service/business will help and who you are planning on targeting. 

For example, if you are a book store specializing in children’s books, who are you planning on targeting? Teachers, parents, children? 

Once you narrow down your ideal consumer base, you have your potential market. 

Gathering information

You can complete market research in many ways. Popular methods include: surveys, interviews, questionnaires and focus groups. 

This research has the ability to unearth the views and opinions of your direct consumer. You can learn about the strengths of a product or service, the likes and dislikes of competitors, and gauge the scope of need for your business. 

Transferring knowledge to business

Market research can give you masses of information and data, but it’s no use having this knowledge if you don’t transfer it to your business. 

Use the gathered information to gauge gaps in the market. What can you offer your consumers that the competitors cannot? This can become a unique selling point for you and your business. 

In addition, prepare yourself for the fact that not all the information you gather will be positive. You need to be open minded and willing to adapt your business structure to meet the needs of your consumers. This is the key to success. 

Whilst you may be 100% happy with your idea, market research may uncover that your target consumers want additional services or features. 

Extending and developing your initial idea allows your product or service to achieve a broader mass appeal. 

And as we said at the start, knowledge is power, market research is powerful! 

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