Hello and welcome to another Online Marketing Kent thought! Today, a thought on Market Research.
So, you have a product or service to sell/market. How big is your market? Is it on the up? Is it going down? How do you find out? Here are a few pointers to make sure you are aware of your market.
- MARKET RESEARCH STEP ONE is always to simply search for what you are offering to see who else is. If your service os for a local market then search for your service in your area and see who comes up. Are there lots of companies? Are there only a few? DO you get different search results if you alter the words you are looking for slightly? You can get an idea of who you have to ‘beat’ by an initial search.
- MARKET RESEARCH STEP TWO is to do some Key Word research. How often are certain words or combinations looked for. By using a programme like SEM Rush, or Market Samurai you can get figures on this. How many people are searching for ‘Builder in Margate’ or ‘Phone Repair in Canterbury’. If not many, you might wonder what market you are aiming to find, or you might need to broaden your area of business. Find out how many actual possible customers there are. You might have a wonderful product, but if no-one is looking for it then you might want to think again?
- Have a look at Market Trends (possibly using www.google.com/trends). You can see, over time, a representation of how your key words have been searched for. You might see rises in the summer and falls in winter and that might guide your advertising. You might see it is steadily rising for the last few years so a great business to push. You might see it steadily declining and lead you to diversify or change to modernise your service or product. A product might have been a flash in the pan fad, like fidget spinners. There are not many people trying to get into that market now, but for a few months there was a lot of it going on! SO, make sure you know where your market is headed and plan for that.
There you go. Three thoughts for you on assessing your competition and the market around you via a little market research. Hope it’s been useful!
Thank you as ever for reading. If you ever need any help or information on Market Research please do not hesitate to get in touch.
The Online Marketing Kent Team