To have a business is one thing, to have a successful business is another matter. The one thing that makes the difference is research and the application of that research. Unfortunately, there is no magic formula that works the same for every business. That said, what questions should you the business owner be asking?
First of all you must have a research strategy. In other words, what do you want to know and how are you going to gain that information?
One thing you already know is your product or service, so who is your targeted client? Knowing who your targeted audience is, is detrimental to the life of your business.
The two things you must know about your audience are:
- Does your product or service appeal to men, women or both?
- What age group does your product or service appeal to?
- What does your audience do for a living?
- What industry does your product or service appeal to?
- Do you want to appeal to your local market or expand to other markets?
- Who are your competitors and what are they doing?
Once you know the answers to these questions, then you will be able to answer more in depth questions and know where to wisely spend your time and advertising dollars with little waste. For example, if you know your audience doesn't drive a lot, then you know not to spend advertising dollars on billboards.
The goal is to spend only the time that is needed and only the dollars that are needed to attract only the portion of the public that is most likely to buy or recommend your service or product. You must know your publics' before you can reach them. No business in the current economy can afford to spin. So keep your audience in mind during all your research and you will not go wrong.