Out-research competitors
Essential market research for local businesses
Playbook
Essential market research for local businesses
Local businesses do not carry out market research. Instead, they rely on their experience and gut feelings. Marketing experts say that even a local pub will benefit from the marketing principles.
Marketing strategist Ian Richard wrote, “You need to view the brand through the eyes of the consumer, understand it’s weaknesses and strengths, and where it sits in the market.”
Market research is about three things. One, where the brand came from. Two, where it currently sits in the market. Three, where it wants to go in the future.
Ian wrote about four types of market research.
Terroir: Heritage of the brand, its founders and original location.
Secondary research: Old and existing brand research, if any. Old interviews and news items of the founders.
Consumers: Know what do the consumers love and hate about the brand.
Surveys: Using the consumer interviews to create the survey the whole market. Re-run it every year.
The findings from ‘terroir’, secondary and consumer research will give 1–10 words, associated with the brand. Qualitative consumer research will help validate the association points. Mapping the survey with the buying funnel will result in knowing the purchase drivers. The four different insights will help plan the strategy for growth of an indie business.
Worth your time: Ice cream man revived Gucci Link