NEW YORK, May 14, 2019 /PRNewswire/ -- In a continued effort to assist companies with quality information in building their brand, digital marketing company, fishbat, explains how conducting primary market research can reveal solutions for your small business.
Utilizing primary market research for small businesses is an individualized problem-solving method that holistically approaches solutions, especially since a cookie-cutter approach can produce wildly different results from company-to-company.
What is Primary Market Research?
Primary market research refers to the research conducted by a company, or on behalf of a company, to uncover insights into their target market. Small businesses will often seek out this method when there appears to be a disruption in the business model. When conducting this research, small businesses focus on different aspects of their market in an attempt to find successful solutions for enhancing the business.
This gathered information, known as raw data, is collected from the target market and customers within the said target market. Primary market research provides insight to any business, but for small companies especially, solutions to operations and customer experiences can be extracted from this raw data.
If your small business is suffering an issue, such as a decline in specific services or products, engaging in primary market research is a powerful tool for finding potential solutions. Using this data, your business can determine why your current strategies aren't performing as well as they could be, and can also help uncover ways to pivot and reach your brand's goals.
Know Your Competition
Primary market research can highlight the industry competitors that your customers are using or are interested in. It can be incredibly valuable to obtain insights from customers or those in your brand's target market, to help rethink the current competitive analysis and pivot your brand's strategy if necessary.
Since the research was conducted by your business and for your business, your company will have full rights to the data, which minimizes the risk of competing companies from obtaining this information. This also gives your business a competitive advantage in terms of marketing, since it's likely that your competitors will be using secondary market research data, which might not be tailored to their brand.
What is Trending?
When conducting primary market research, don't be surprised to find trends in consumer behavior patterns within the data. Negative or positive trends that the research conducted can shed light onto your target market and current consumer preferences. Trends discovered on what is or isn't working within your company, and the industry as a whole, can provide valuable information that will allow you to determine the best way to move forward.
Since resources and outreach can be limited for small businesses, using every valuable piece of data collected from your primary market research is essential. Positive and negative findings alike will give your brand a competitive advantage, since the conclusions obtained will provide you with the tools and information needed to develop a strategy moving forward.
fishbat is a full-service digital marketing firm that takes a holistic business approach to their clients' digital marketing programs. The fishbat team understands the importance of business principles just as well as the nuances of the latest digital technologies. fishbat offers every digital marketing service available from digital marketing research and planning to brand development to website and asset creation through social media management and search engine optimization programs - all custom calibrated for both B2B and B2C businesses.
Press Contact: Scott Darrohn, fishbat Media, 855-347-4228, firstname.lastname@example.org