For most businesses, marketing research can be overwhelming. People confuse it with market research when they are actually two different terms. When you say market research, it has already been narrowed down to a specific target. Marketing research, on the other hand, deals with a wider range of consumers. It also involves market research but focuses on new products and distribution methods. Marketing research is a research about the marketing process of a company and not what they are targeting.
To achieve business success, you need to conduct marketing research from time to time. The market quickly changes so you want to stay updated with these trends and get competitive advantage. If you are just a startup or planning to expand, doing market research is vital for understanding your target market in order to boost sales revenue, profit, ROI, and overall business success.
Conducting a marketing research need not be expensive. Promotional products like imprinted wearables offer an affordable medium for your business. Here are the steps for conducting a marketing research with wearables with logo.
IDENTIFY POTENTIAL NEW CUSTOMERS
In order to identify new potential customers, there are certain demographics that you need to take into consideration. When looking at imprinted t-shirts, you need to ask yourself these questions:
- Who will use your product or service?
- What is the age range of your customers?
- Are they predominantly male or female?
- What is their income level, marital status, and geographical location?
By answering these questions, you will be able to target the right customers for your t-shirts with logo.
UNDERSTAND EXISTING CUSTOMERS
Similarly, you should also take the time to understand who your existing customers are. Here are some questions to ask:
- Why do your customers choose your products over your competition?
- How do your customers use your products?
- How do your products solve a challenge?
- Who or what influences their purchase decisions?
- What do your customers enjoy doing, watching, and reading?
By understanding how your current customers use aprons with logo as well as the problems it will solve, you can improve imprinted aprons and identify upsell opportunities with your current customers.
SET REALISTIC TARGETS FOR YOUR BUSINESS
Now that you have information about your target market for imprinted cap, you can use the data to set achievable and realistic goals for continuous improvement of caps with logo as well as business growth.
DEVELOP NEW EFFECTIVE STRATEGIES
Depending on the findings of your market research, you can make informed decisions about pricing, distribution channels, marketing mediums, or identify opportunities to introduce headbands with logo. Aside from launching imprinted headbands, the results of your research will also help you decide whether to expand or reduce or if there is room in your current operations for diversification.
SOLVE YOUR BIGGEST BUSINESS CHALLENGES
If you are aware of problems in your business, a marketing research will help you determine the source of the issue. Marketing research can help determine if a new competitor has entered the market or if brand awareness has fallen short resulting to a decrease in sales of imprinted jackets. Marketing research can help reinforce jackets with logo.
PREPARE FOR POSSIBLE BUSINESS EXPANSION
Marketing research can help you identify opportunities for expansion. It provides opportunities to test the market if there is room for introducing slippers with logo. The research can also help you find the best location for opening a new store for imprinted slippers.
IDENTIFY NEW BUSINESS OPPORTUNITIES
Marketing research will also help you discover new markets that are under serviced or requiring service. With the research, you may also be able to identify changing market trends as a result of new housing constructions, increased level of education or other changes that could bring new opportunities for your business.
THE 4 P’s OF MARKETING RESEARCH
Marketing research is all about getting viable information on the 4 P’s of any business:
Product. This is concerned with understanding the behavior or perception of customers on the nature of polo shirts with logo, Here you also need to understand other components of imprinted polo shirts such as customer service, product enhancement vs price implications, functionality, look and feel and so on.
Placement. The market research will also enable you to determine the most profitable way of positioning imprinted bundle kits in the market. With the research, you will be able to get leverage to get a competitive edge through creative placement of bundle kits with logo.
Pricing. How much are potential customers willing to pay a new feature of clocks with logo? Will decreasing the price of imprinted clocks boost sales or improve its functionality? You can answer these questions through market research.
Promotions. How do you intend to promote calendars with logo? Through data collection, you will be able to determine the best language to use during the promotions. This is where the importance of market analysis comes in before promoting imprinted calendars.