Market ResearchComplete instructions - How to Research The Demographics Of Your Market.
What is Market Research?
Market research is any organized effort to gather information about your target markets or customers. This is an easy way to determine some critical information about your market. It will help you establish where your actual service area should be and help you decide exactly where to spend your marketing dollars.
How do we do it?
We will start by selecting the service areas most likely to be open to your marketing efforts and uncover the potential customers with the most disposable income. Then we will help you uncover the sweetest spots within your area to target and focus your efforts.
Why do it?
Market Research shows or proves the financial viability for your service in a particular area.
How is it helpful?
Market Research can help assist in creating your official service zone and to determine how far you are willing to travel.
What does it determine?
Market Research will help determine a list of areas within your service area of customers who are most likely to take advantage of your services—in other words, “Sweet Spots.”
6 Essential Steps to Complete Effective Market Research
A complete walkthrough of the entire process.
Determine Your Service Area
Research and enter relevant demographic information.
Compile relevant background and psychographic information on your competitors.
Plug in the Demographic Data
Uncover information–such as your service area and the potential customers within it.
Outline your most ideal customer and an overview of what likely makes them tick.
Analyze and Review the Data
Analyze and review, slice and dice, and sort through columns of data.
Use this research to make better-informed decisions in your business.