Discover Your Demographics with Market Research

Strategic market planning is the foundation for every marketing program, but what is needed as a basis to make good decisions and pull a successful plan together? Information about the market in general (trends, industry statistics, etc.), current customers, potential customers and target markets (demographic, psychographic and the opinions of these people). This information is procured via market research.

According to Wikipedia, market research is “the process of systematic gathering, recording and analyzing of data about customers, competitors and the market.” The purpose of market research is to help companies make better business decisions about the development and marketing of new products. Market research represents the voice of the consumer in a company. In a nutshell, market research helps organizations learn more about the groups of people they would like to sell their products or services to.

Market research can be an expensive endeavor depending on the depth and breadth of the information needed and the company's situation. In many cases, hiring a market research firm may be best. But, if hiring a market research firm is out of the question, there are a few other ways to secure important market information.

The following are a few market research techniques that may provide assistance in understanding your industry, customers and potential customers:

• Conduct market research with your current clients via interviews, surveys or focus groups. Ask what the customer’s needs are and if they can afford the products or services you provide. Do they like your products or services? What can you do to improve? What specific things are you doing right?



• Do research in person at a trade show. Take some time at an industry event to listen to attendees. Ask potential customers what they are looking for. What are the hot topics at the tradeshow and what will be needed for the future in the industries you serve?



• Research online. For industry updates and statistics, visit industry association Web sites. If looking for consumer information, consider government sites that have a lot of basic consumer statistics. One good site for basic demographic information is the U.S. Census Bureau (www.census.gov).



• Learn about your competition from news articles, industry profiles and the Internet. Visit their Web site, and regularly "Google" yourself, your competitors and your industry.



• Review all input from sales feedback from customers over the past year.



• Talk to vendors and suppliers. Often they can provide insights and information on the industry, as well as customer trends.

The possibilities for market research continue to grow. The best information is waiting to be discovered.