4 Ways Market Research Helps Your Business

Market research represents a number of activities conducted in order to gather valuable information about customers and competition. It is commonly done by businesses that want to get more familiar with their target groups. Typically, market research is not the research of the entire market, but is concerned with just one bit of it that’s of most interest to a certain company or industry. It should be a part of every business strategy and implemented at various stages, starting well before you launch a new product or even before you start a business altogether. Here a few basic ways one can benefit from it.

Learning about your customers

Naturally, in order to reach your potential customers, you need to know very well what your target group likes, and what their habits, passions and preoccupations are. Getting acquainted with their opinions on your industry, your brand and various products is indispensable. Before investing in anything at all you’ll need some very concrete and straightforward feedback about all this. Without doing proper analysis that will provide you with some exact numbers it’s impossible to design a thorough and serious business plan.

Knowing your market doesn’t come down only to what people think about your branch or your newest line of products. It’ also about getting familiar with more general habits and practices of the target group in question. This will help you genuinely understand people that make up your target group and get some fresh ideas on how to stay close to them. Also, find out who their role models and idols are – this info can be very useful when it comes to choosing a potential influencer you’d like to link to your brand.

Market research can help you find practical advertising solutions for different segments of your target group. Finding a common interest or habit for different groups of people you wish to reach can be very beneficial. Also, have in mind that the market is a living, dynamic entity that changes over time. Teenagers today don’t want the same things as teenagers ten years ago. Finally, target groups for specific industries and products change as well. For instance, companies that make gadgets of all sorts didn’t use to address older generations back in the days, but today these people make up a significant share of their market.

Analyzing the market has been made much easier with the development of new technologies. There are all sorts of tools you can use in this respect, but having a direct, authentic feedback from particular individuals is equally important as having comprehensive stats, graphs and numbers. Focus groups and phone surveys are traditional, common methods used for decades for this purpose. Among relatively new methods, using paid surveys online as a means of market research has many advantages and is definitely worth considering.

Learning about your competition

Analyzing your competitors can be a very effective method to get to know your market. You can learn a lot by studying the brands that belong to the same niche as yours. Watch the big players, their business and marketing strategies and check how they differ from yours. Monitoring the feedback for different companies from your industry is also valuable – avoiding repeating their mistakes can give you some competitive advantage over them. Try to spot new trends and recognize what the industry is lacking at the moment. At the end of the day, just delving into workings of your competition and trying to understand how they function is thought-provoking in itself and can result in some new ideas for your business.

Optimizing investments

A natural consequence of getting acquainted with your customers and competitors is minimizing unnecessary expenses. Investing money in something that your target group is obviously not interested in would be pure madness. Just knowing the scope of your market and the financial capability of the people you want to reach is invaluable. Studying all these factors is absolutely crucial for making any serious financial projections for the future.

Choosing the right timing

You might have a product that’s brilliant and ground-breaking, but then again, this product might sometimes be a bit too ground-breaking to be profitable. There’s the right time for any new brand, product or service to be launched and sometimes it’s just too soon for that. For instance, you want to invest a great deal of money into an app that adds great features to a certain social network. However, if that social network is still not popular or developed enough, no matter how innovative your app is, you might end up losing a lot of money. Sometimes good ideas and solutions need to wait for the right time to be introduced, and you need to do proper research to be sure if this is the case with your project.

All in all, market research is not just a useful little business strategy, it’s a must for any serious company. Sometimes your instincts and intuitions will be helpful but you’ll also need concrete info and deep knowledge of what people you’re targeting feel, need and want. Try listening to them carefully. Caring about your customers is necessary if you want to reach them properly, keep them interested, build your brand and make your business grow steadily.

Guest Author, Raul Harman, s a B.Sc. in Innovative entrepreneurship and has a lot to say about innovations in all aspects of digital technology and online marketing.  While he’s not enjoying travel, football and great food, you can find him on Technivorz.com.


So, You Want to Be Your Own Boss? Take These Steps to Succeed

It’s 2018, and the climate is perfect for entrepreneurs of all sorts, hence the growing number of people who are starting their own businesses, and successfully so. From stay-at-home parents, students, digital wizards, all the way to fully-developed remote companies, there’s a whole range of profitable careers you can tap into directly from your sofa.

And what makes it even more appealing is the fact that nothing prevents you from growing your business globally. However, as dreamy and perfect as all of this sounds, there are several key steps you need to take in order to make your way through the crowd of home-grown businesses.

Do what you love

And what you are brilliant at, since being average in this day and age will not get you too far, especially if you have to cover your own business expenses for the time being. The same goes for a business started out of passion, but without a clear idea of whether or not your product or services are actually needed, so you need to consider if there is a gap in the market for what you are offering.

Spend some time (but not forever) thinking about and brainstorming on everything you could see yourself doing for hours on end, with enthusiasm and vigor, and assess whether or not you are actually good at it enough to make your business attractive and stand out in the market. Love is where it starts, but skill and need are also essential.

Create a business plan

Now that you have established your ideal profession and analyzed the market to learn that it’s actually needed, you need to put it all in perspective. A business plan should include every single branding, marketing, communication, production, advertising strategy for the next year (or more), along with measurable metrics, milestones to track your progress and alternative routes for added flexibility.

A detailed business plan still makes room for adjustments on the go, because you can never fully anticipate market fluctuations or prevent slumps in your marketing campaign performance. You need contingency plans that will help you run your business even when things are slow or you come across an unexpected obstacle.

License and registration, please

Of course, before you start working on developing your business for the customer, you need to cover the legal bases that will make your company a recognizable legal entity in your country (or the entire world). From obtaining a federal tax number, completing company registration forms for your business, getting the needed licenses and certifications, to deciding on bookkeeping systems, it can take some time to make your company come to life from a legal perspective.

It’s unwise to do both the legal and the creative aspect simultaneously, since you might find yourself overwhelmed with work, and the complexity of each task may vary from one profession to another. Getting to know your country’s laws and regulations is a must for a business that wants to have a long and prosperous life.

Learn about your target customers

Who is your product or service intended for? How do you envision your ideal customer? Where can you find them, where do they spend their time? What sort of communication channels do they prefer and what language can they relate to? What’s their average age, most common occupations and anything else that makes them who they are?

Understanding your future clients means that you have shifted your view from your product itself to the person for whom you are creating the brand. This information and analysis of it may lead to adapting your product or its presentation to make it more appealing, or completely rethinking your brand identity to have a better chance at establishing trust and offering value to your customers.

Keep learning

Even if you are starting your business with a decade of experience in the field, it’s crucial that you stay open-minded to new ideas, concepts and discoveries emerging every day. As you develop your company, you will need to keep up with the trends in your profession, so that you can stay in the forefront and offer more quality than your competitors.

Do your best to take online seminars, attend networking events, take up additional courses and education whenever possible. These added skills and certificates will only add more value to your brand and give you more skills with which you can keep your company strong.

Control your environment

A seemingly insignificant factor that has brought many a home business to its knees is the mere atmosphere of where you do your work. Just like you put so much time into defining your talents and your business, you should adapt your home to have a designated work area.

It doesn’t have to be an entire room, as long as you know how to steer clear of distractions such as your TV, private social media profiles and other irrelevant notifications. Create a work area that will inspire you to work, create and devote yourself to your work, and be mindful of the time you spend growing your business – although it may be a pivotal segment of your life, don’t let it consume all of your time. Make sure you stay healthy, lead a social life and expand your horizons, because you never know from where your next favorite project may come!


Guest Author is Alex Williams is a journalism graduate, and a rookie blogger trying to find my luck. Blogs are the perfect opportunity for presenting yourself to wider audience, getting the chance to showcase my expertise and receiving recognition. Alex is a regular contributor at Bizzmark Blog



Benefits of Implementing Business Intelligence for Small Businesses

In the past, small business owners had to gaze in a crystal ball to get their hands on big data, while the CEOs of larger corporations bathed in it. However, this is no longer the case as business intelligence is now more readily available for small businesses as well. For years this powerful tool was the backbone of many successful companies as it allowed them to act on data-driven insight rather than pure speculation. What’s more, BI has the ability to process huge streams of data that otherwise wouldn’t be humanly possible, and seeing as how there are 2.5 quintillion bytes of data being generated every day, this has almost become a necessity. What are some actual benefits a small business owner can expect from implementing such a tool? Let’s find out.

Understanding customer behavior

Knowing who your customers are, their shopping habits, and more importantly, their likes and dislikes is essential for providing excellent customer service. This is where BI comes into play with its capacity to understand customer behavior by going through all of the company’s sales records, as well as other, more public data sources, such as social media and various other blogs and forums, to provide valuable insight. With the data collected, small business owners can work on upgrading and personalizing their customers’ experience further, in hopes of driving more sales. A happy customer is a loyal customer, and knowing exactly what makes them tick will ensure that a successful retention strategy is in play.

Identifying and predicting trends

Sometimes anticipating customer needs before they even arise can be hugely beneficial. Picking up on the latest trends before your competition is a real game changer. Luckily for us, BI can actually make sense of big data to the degree of finding clear patterns which are relevant for identifying trends, as well as predicting them. This predictive analysis is absolutely vital for making informed business decisions that would, otherwise, be mere guesswork. It will, therefore, allow small business owners to funnel their resources into something more lucrative with almost no risk involved and significantly increase their profit margins in the process.

Improving operational efficiency

Another thing worth mentioning is how BI helps you organize the internal structure of your business. Small business owners simply don’t have the luxury of paying staff members that don’t deliver but they have no real means of knowing who these low performers are. Well, sophisticated business intelligence software can help you to get rid of such managerial inefficiencies by pointing out the areas that need improvement. Naturally, this saves entrepreneurs a lot of time and effort and opens up their business for expansion. Indeed, growth is the most exciting aspect of any small business venture and allocating resources smartly plays a huge role in its development, especially early on.

Scouting the competition

Unfortunately, understanding all the intricacies of your business is simply not enough for achieving success because your business isn’t located in the vacuum but in the open market with thousands of similar enterprises vying for domination. Consequently, you need to be more aware of what your competitors are up to if you wish to outsmart them. What are their services and products? What’s their target audience, and how does it differ from yours? These are just some of the basic questions you need to answer. In addition, once you’ve gathered this intel you can then proceed with the implementation of strategies that will effectively set you apart from your immediate competitors. This, of course, will enable you to stand out from the crowd a bit more and get you noticed.

Determining optimal pricing

Finally, the pricing of your products can affect the final outcome of your sales and whether or not you’ll earn a profit at the end of the day. Yet, the answer is somewhere out there buried beneath terabytes and terabytes of data you need to dig through. This is why big corporations had the edge for all these years as they reaped the rewards of their BI pricing strategies and inventory management. By analyzing big data, it is easy to determine the right price tag and identify the products that are not selling very well.

To sum up, with big data not shrinking in size anytime soon, powerful tools such as BI are a necessity for adequate business operations nowadays. The benefits are there, small businesses just need to reach out and grab them.

Guest Author, Raul Harman, s a B.Sc. in Innovative entrepreneurship and has a lot to say about innovations in all aspects of digital technology and online marketing.  While he’s not enjoying travel, football and great food, you can find him on Technivorz.com.

Tech This Out: 10 Steps To Migrating Your Business Into The Digital Age

Whether your business is a new venture, or one that has been putting off the inevitable for some years, now is the time to take it into the digital arena. This opens up the door to quicker growth, increased profits, and greater stability. Frankly, that’s everything that any entrepreneur could shoot for.

If you’re going to make this transition, though, the migration needs to be smooth. It can be a daunting process, especially when you’re not a tech wizard. As long as you focus on each of the elements below, you should be just fine.

So, what are you waiting for? Let’s turn your outdated venture into a modern business that’s set for years of success.

#1. Reaching Digital Audiences

The main incentive for transforming the business comes from the potential to sell products to a far larger customer base. With over 1.3 billion live websites on the internet, grabbing your fair share of the audience isn’t down to luck. You must know how to work for it.

Search engines are your greatest asset by far as most consumers will turn to Google when searching for a product. Meanwhile, a strong social media marketing strategy should stop the threat of customers scrolling on. Just remember that different demographics respond to varying ideas. Therefore, you must know your place in the market.

It’s also worth noting that the methods used for local marketing should vary from those aimed at reaching universal audiences. Show that you understand the needs of an online audience, and the migration will be far smoother.

#2. Handling Online Payments

Gaining interest from the online audiences is one thing, but converting it into a sale is another altogether. Due to the nature of digital business, obtaining their trust needs to be one of the top items on the agenda.

There are many contributing factors to consider. But ensuring that the clients are able to complete their purchases in a convenient manner is one that must be perfected instantly. The choice of ecommerce system is one of the most important decisions you’ll ever make. Accepting as many payment types as possible is key.



If the business plans to accept credit repayment plans, it must also run the necessary credit history checks. Letting money slip through the net due to bad debts is the last thing any entrepreneur needs. And if you do allow this to happen, you’ll only have yourself to blame.

#3. Using Modern Staffing Management

Moving into the modern business arena isn’t just about the way you interact with clients. The entire operational process can benefit from the introduction of advanced ideas. This is particularly evident when considering the recruitment and management of your team.

Every entrepreneur needs to be supported by productive employees. In today’s climate, it’s important to consider the benefits of outsourcing tasks to companies and freelancers. Or you can look to incorporate smarter recruitment methods when finding permanent on-site staff. The combination of those two ideas should work wonders.

Perhaps most importantly, communication and morale need to be maintained. Automated tracking and staff rewards should have a positive impact.

#4. Going Paperless

Turning your business into a digital operation allows you to bypass many problems. The ability to remove paperwork and physical filing systems is one of the most rewarding elements. This one step can save time, money, and space around the commercial properties.

First and foremost, you must look to improve the organization of anything related to the company’s finances. Investing in a new Accounts Payable system puts you in far better control of the firm’s accounts. However, you must learn to appreciate the importance of change management as well as the project management. After all, the human input is still central to the overall output.

Making the office spaces paperless isn’t just about the invoices and contract agreements. Your company handles many document types. Going digital enables quick access, even when you’re not in the office.

#5. Providing Digital Customer Care



When thinking about the clients, your initial concerns revolve around the ability to gain their custom. In reality, as is the case with offline ventures, the key to sustained success comes from gaining their loyalty.

The lack of human interaction can encourage digital businesses to forget that consumers are still human. If anything, online interactions have an even greater need to be supported by great customer care. This can range from adding Live Chat to your website to providing telephone care and online FAQs. Either way, showing clients that your commitment doesn’t end with the sale is key.

It’s equally imperative to ensure that the company has established a fair returns policy. Removing any doubts can remove customer apprehensions. Crucially, it protects the company too.

#6. Protecting Your Assets

Avoiding the possibility of unnecessary returns is just the start of protecting assets on the digital platform. As part of the bid to provide a safe transaction, you should have invested in strong data protection. After all, one breach of data could bring long-lasting problems.

Once you become a digital business, intellectual theft becomes a far greater problem. The fact that you’ve reached a bigger audience means that your content could be seen by people that try to steal your ideas. Protecting your brand trademarks and innovative ideas is essential. Running a successful business is tough enough at the best of times. Allowing others to profit from your work is not an option.

There’s still a need to take care of physical assets, including your stock, particularly when you still run an offline store. Once again, though, digital tech and CCTV facilities are your greatest asset.

#7. Joining The Community



The online community is simply massive, and your business needs to become a part of the conversation. Many entrepreneurs that are new to the digital arena assume that it’s them versus the world. While some companies are your direct competition, not everyone is an enemy.

It’s possible for two companies to share a similar audience without being in direct competition with each other. When this is the case, joint marketing ventures can pay dividends. Alternatively, sharing market insights can help both parties stay ahead of the crowd in their respective crowds. As a digital business, you must grab hold of every opportunity that comes your way. This is one of them.

On a separate note, you can embrace the community vibe by encouraging existing clients to spread the word. Testimonials, customer reviews, and referral schemes can all help the audience grow at a rapid rate. In most cases, this will be far more efficient than your marketing schemes too.

#8. Incorporating Time Savers

Time is the most valuable asset in any business venture. Embracing the digital arena to its full capabilities gives you the best chance of maximized efficiency. Investing in video conferencing systems can be a great starting point, as it removes the need for unnecessary travel.

It’s often worth choosing computerized systems to handle key business activities. From automated stock management to email marketing workflows, the time saved allows you to focus on other areas. If nothing else, reducing the threat of human error should provide a better customer experience.

Forms can also be used to save time during recruitment processes as well as customer interactions. Apart from saving time, it should make life a lot less stressful. In turn, this should promote greater clarity when making other crucial decisions.



#9. Tailoring Your Operation

Every digital business is unique and should embrace its strengths to find the best route to success. However, it’s equally crucial to remember that those characteristics may need to be altered in some geographic locations. This is because cultural variances impact customer trends.

All customers need to feel comfortable. This is why you must understand the importance of presenting information in their natural language. Even if they can read English, many clients will prefer to use a website that’s easier to navigate. Besides, this step shows that you’ve actively thought about their needs.

With this in mind, many digital businesses find that hiring external help is the best way to branch out. Turn the company into a franchise, and the small profits in each new location will increase the overall takings without any extra work.

#10. Maintaining Offline Endeavors

Transforming your offline company into a digital one can take everything to the next level. But that doesn’t mean you should abandon the existing company model. If you’ve been making money from those traditional ideas, there’s nothing wrong with continuing them alongside the new ones.

In truth, the digital presence is likely to increase the company’s local presence. Still, printed marketing materials and promotional events can still play a positive role. If you make the transition to the digital playground without appreciating your old clients, they may feel alienated.

Besides, a company that achieves success on both platforms is sure to reach its goals far sooner. Given that this is the whole point of taking the venture online, this should all the incentive that you’ll ever need.

Build A Better Business With Customer Feedback

They say that the customer is always right. Although if you are in sales or the service industry, this can be a tough thing to deal with, especially if they are difficult, picky, or just plain rude. However, it is true that while they might not always be factually correct, they are always right in the sense that they need to be high up the priority list for anyone that is trying to sell. After all, it’s their purchases that pay your wages, so why wouldn’t you try and increase the positivity of their experience? However before you can do this, you will need to seek out those customer’s opinions so you can find out what they really want. With this in mind read on for a guide on sourcing reliable customer feedback that can help you build a better business.


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In the modern era, we have unprecedented access to customer feedback. One of the ways business owner can access this is through surveys.

Surveys are usually short questionnaires that include mostly closed questions of the yes/no or degrees of agreement variety. They are designed in this way to make them easier to complete, something that can increase the return rate.

Many companies now use online survey providers that pay rewards in the form of points, vouchers, or even cash to their participants now. This motivates them to actually fill out the surveys, proving more information for the company that is seeking it. This can work exceptionally well because the surveys are quick and easy to do, the participants are motivated, and they can easily access them online making it easy to actually collect the results. After all, who but the most prepared people will return postal surveys?

The Information that is gathered that can be then used to change the product or service you are offering to make it more appealing and so more sellable. Something that can definitely help you to build a better business.

Business adjacent sites

Don’t forget that customer opinions exist in places outside of the more traditional things like surveys too. Unfortunately, many businesses often ignore the importance of comments and articles on sites that are adjacent to their company. These sites are dedicated to users and fans of the company’s brand or product, like this https://netflixupdate.com/star-wars-rebels-netflix/ site for Netflix, and can be very informative to what customers are specifically asking for.

As a business owner, try not to see these sites as troublesome or as an irritation. Instead keep an eye on them, taking in what is trending and what customers are asking for, as this information can all be used to help to further inform your product or service. Something that can enable you to provide more of what people want right now and so help to boost your businesses success.


Reviews are another fantastic way of collecting customer feedback that can help you shape your products, customer service, and even your marketing strategy.

Learn from the good as well as the bad!



Reviews are all about previous customers leaving you feedback on how they found their purchase and their purchase experience online. They can do this through your own review system or through independent services such as the one offered at https://uk.trustpilot.com/categories.


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Using reviews is particularly useful because you are dealing with people that have actually been through your sales system so they will have highly relevant feedback and suggestions that can be used for improvement, a lot of the time.

Of course, extracting the data from these reviews isn’t as easy as it is from surveys. This is because of two factors. The first is that not all reviews are genuine, as some unscrupulous sites offer payment for requested reviews, both positive and negative. Something that can distort the results.

The second issue is that the most valuable feedback often comes from negative reviews, not something that you will be actually aiming to get for your business. In fact, such reviews may even put other potential customers off. That is why it’s so vital to deal with these evaluations in a highly compassionate and non-confrontational manner. Something you can learn about in detail at https://econsultancy.com/blog/.

It’s never too late to say you are sorry!



In summary, though, the best approach is, to be honest, apologize, say you value their feedback, which can be used to make sure this never happens again and offer recompense. In this way, you can use a lousy review for two useful purposes. One to show that you care about your customers, and the second to show that you are open to changing the way things are run to better accommodate them in line with their feedback. Something that will allow you to build a better and more successful business.

3 Things You Never Want to Experience With Customer Relations

Nightmares can affect us in many different ways. A recurring nightmare can constantly pester us and force us to wake up worried and in cold sweats, and they can also become psychologically damaging at times. Luckily, this is rare and most of us experience nightmares because we’re worried about something. Whether it’s a phobia of losing your business or being embarrassed during a public appearance, here are some of the customer relations nightmares that you never want your business to go through, and also how to avoid them.


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  1. Injuring a Member of the Public, a Client or a Customer

All hell will break loose if you injure someone in your line of work. When it’s someone in your own company, then it can usually be handled in a professional manner. This is because the employee doesn’t want to lose their job and the employer doesn’t want to create a public outcry or draw attention from the media.

Injuries can happen in a number of different ways, and there’s a huge difference between physical and psychological injuries. For example, specialised services like Elan Law bed bug lawyer may be required if you operate a service such as a hotel or fashion store. Bed bugs can easily transfer between people on their clothes, and it can create widespread panic. No one wants to be told that a customer found a bedbug in one of their packages you sent overseas, and it will create a storm of negative publicity.

In order to prevent situations like this, it’s important to learn everything about your business and plan for any possible failures because there’s no coming back from it. Make one mistake, and you’ll likely lose a huge chunk of your business, if not the entire company.

  1. Going Viral in All the Wrong Ways on the Internet

Going viral on the internet can happen in a number of different ways, but you’ll ideally want it to happen in a positive way. Going viral for negative reasons will get you out there but, contrary to popular belief, not all publicity is positive. The internet is a ruthless and cutthroat place, so if you want to stand out it has to be for all the good reasons and you may even need to learn about how internet culture works if you want to take advantage of going viral. The last thing you want is to have your name associated with an internet meme that mocks your company, because you will forever be branded as a joke business that can’t be taken seriously.

  1. Being Ridiculed by Another Company With No Comeback

And lastly, on the topic of internet culture, it’s important to understand that other companies will try and take advantage of internet trends to bring your business down. For instance, Wendy’s started a social media stir when its Twitter operator started ridiculing other companies and people on Twitter. The Tweets went viral and boosted business for Wendy’s. Although it sounds ludicrous that negative comments directed at paying customers helped to boost their business, it’s one of the quirks of the internet and you need to be ready to appeal to the general audience of social media if you want to remain successful. If you’re on the receiving end of this type of ridiculing, then you need to prepare a comeback or else you’ll be shunned by many young and impressionable consumers.