3 Market Research Mistakes That Stop Small Businesses Making Sales
The biggest benefit of market research is that if it’s done right, it’s an amazing way to make sales.
However, with a lack of guidance out there for small businesses and entrepreneurs, it’s easy to make mistakes when conducting market research. This may cause you to avoid it all together or to miss out on the sales that you could be making due to confusion or lack of confidence.
If you’ve found that your research isn’t increasing your sales, here in this blog you’ll find three market research mistakes you could be making.
From my own market research calls and talking to my community on Instagram, I’ve found that between half to 75% of my audience hasn’t done any effective market research. If you’re not doing it, you can’t reap the benefit of making more sales.
Market research calls are the best way to connect with your target audience and build trust quickly.
When you’re interacting with the wrong people, those people aren’t going to be interested in what you have to offer anyway, so they’re not going to convert into sales.
You need to be building relationships with ideal clients, those that are aware they have a problem and are actively looking for a solution. A solution that your business offers. Then, your market research participant is 100% more likely to come back and enquire about working with you after the research stage. Given that they are now aware that you have the expertise to help them.
Speaking to non-ideal clients is a waste of time is because the information you collect from them will be useless. It will leave you confused and bring up that dreaded imposter syndrome that we’re all trying to avoid! Plus, you won’t be able to draw parallels between the participants to use in your marketing strategy.
You have to be telling participants the right things in order to spark their interest about your offer. It’s also essential to be asking them the right questions. You need a strategy to convert them into a paying client! If not, you won’t see them coming back for more.
A key question to ask yourself before you begin your research is: What is the purpose of this market research? Always have a clear purpose in mind from the beginning.
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I’m a British-born, Spanish-based Brand Strategist & Designer. I help you build an online brand that stands out from the rest and is adored by the right people, so you can not only reach the right clients, but more of them.