| As an entrepreneur, you may know every detail | | | | -What do they like about your product or service? |
| about your small business, but can you say the same | | | | -What suggestions do they have for improvement of |
| about your customers? In order to effectively | | | | your product or service? |
| market your products or services, you need to know | | | | -How did they hear about you? |
| who's purchasing them! Market research consists of | | | | -What newspapers do they read? What radio |
| gathering and analyzing data about your customers in | | | | stations do they listen to? |
| order to understand them better. "By gathering as | | | | -How much are your customers willing or able to pay |
| much data as possible about your clients you can not | | | | for your services? |
| only keep the customers you already have but also | | | | -How much are your competitors charging for similar |
| find more customers and increase your profits," says | | | | products, services? |
| Louise Johnsson-Zea, small business marketing | | | | -How unique is your product? What makes it unique? |
| consultant at ACCION. | | | | Step 2: Get Data from Primary and Secondary |
| You don't need to hire a pro to conduct research on | | | | Sources. By using basic surveys, information you |
| your target market-put your own investigative skills | | | | already have in hand, and conducting basic internet |
| to use and do it yourself! For example, as a | | | | research, you can find the answers to your research |
| storefront owner, you can gather data inexpensively | | | | questions. |
| by conducting a survey at your store. By following | | | | Primary sources. This is information obtained directly |
| the steps below, you'll be well on your way to | | | | from your clients through surveys or by analyzing |
| understanding the market your business serves. | | | | information you already have available in your |
| Step 1: Determine the Questions You Need | | | | records. "You can do a simple analysis of billing zip |
| Answered. In order to understand your customers, | | | | codes to determine where your customers live or |
| list the questions that are relevant to both your | | | | look at their title (Mr, Ms., or Mrs.) to find out their |
| customers and your business. Johnsson-Zea | | | | gender," suggests Johnsson-Zea. "Also, simple |
| recommends asking yourself and your customers the | | | | observation of customer behavior can go a long way. |
| following: | | | | Determine areas of your store where customers |
| -Who are your current or potential customers? | | | | linger at make note of what products they ask for. |
| Where do they live? | | | | |