Why Market Research and Audience Analysis is SO Important, plus How to Do it to Bring Sales to Your Biz in 2023
Hey friend, welcome back to the campfire! 🏕️
When it comes to running a successful business, market research and audience analysis are essential. Knowing your audience and understanding your market can make all the difference in bringing sales to your biz.
In this post, we'll be discussing:
→ understanding your market versus your audience
→ why you need to understand both
→ when to conduct your research
→ what makes analysis so important
→ where to find your data
→ the right approach to research and analysis
Let’s get into it!
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The distinction between understanding your market and your audience
Before you jump right into research, it's important to understand the distinction between your market and your audience.
Your market refers to the broader industry, including your competitors and their offerings.
Your audience, on the other hand, is your target customer base.
Drop your name + email to get your FREE download of our Total Business Startup Checklist, which outlines every tiny little step you need to take before you launch your dream biz!Why you need to understand both
Understanding both your market and your audience is crucial because it allows you to tailor your products, services, and marketing efforts to your audience’s needs and preferences. This, in turn, can lead to increased sales and customer loyalty.
Let’s say you want to sell t-shirts. You’re going to need to understand the t-shirt selling market, because you want to know where, when, and how your audience buys t-shirts. You’ll need to understand your audience to know what kind of t-shirts they want to buy, and what makes them buy a t-shirt at the end of the day.
Creating your products based on filling a hole in your market, or by satisfying the needs of your audience, will help you build a successful business that stands the test of time.
When to conduct your research
THE SHORT ANSWER: Always.
Ideally, you should be conducting research on an ongoing basis to stay up to date with industry trends, changes in consumer behavior, and your competitors' strategies.
“You’re either green and growing, or ripe and rotting.”
-Ray Kroc
What makes analysis so important
Analysis is also incredibly important because it allows you to make data-driven decisions for your business.
This means analyzing customer feedback, sales data, and other metrics to make informed choices about product development and marketing strategies.
Always, always, ALWAYS track absolutely everything in your business. Sales, sure—but you need to know what got those sales, which means tracking your ads and promotions, traffic and engagement, and even your UX and copywriting.
Being fully aware of every factor and statistic will give you the best view of how well your business is doing and how it can do even better!
Where to find your data
So, where do you find your data?
I like to use Duns & Bradstreet for a lot of my research, as well as tools like answerthepublic.com for learning about audience interests. I also like to use social media analyzers like BuzzSumo, TopicMojo, and TrendTok to find trending topics and sounds. If you’re running any social media ads, the Facebook Ads Library is free and easy to use to find out how your industry leaders (and competition) are advertising. You can also use free tools like Google keywords or the Pinterest ads platform to find the best keywords and search queries that are relevant to your business. (Hint: they’re both AMAZING for SEO research!)
Still, there are honestly countless ways to conduct research for your business.
HERE’S A LIST OF MORE WAYS TO CONDUCT RESEARCH FOR YOUR BIZ:
1. Online Surveys and Questionnaires: Create surveys using tools like SurveyMonkey, Google Forms, or Typeform to gather insights directly from your audience.
2. Social Media: Analyze your social media followers' demographics, interests, and engagement to understand your audience better.
3. Competitor Analysis: Study your competitors' customer base, marketing strategies, and product offerings to identify opportunities.
4. Website Analytics: Use tools like Google Analytics to gather data on your website visitors, including their location, behavior, and sources of traffic.
5. Email Marketing: Analyze email campaign data to understand customer preferences and behaviors.
6. Focus Groups: Organize focus groups to gather qualitative data from a selected sample of your target audience.
7. Online Communities and Forums: Participate in or observe discussions on platforms like Reddit, Quora, or industry-specific forums to gauge customer sentiment.
8. Customer Interviews: Conduct one-on-one interviews with your customers to gain deeper insights into their needs and pain points.
9. Market Research Reports: Access industry reports and market research publications to gather data on market trends, growth projections, and competitive landscapes.
10. Keyword Research: Use SEO tools to identify relevant keywords and phrases that potential customers are searching for online.
11. Social Listening Tools: Utilize social listening tools like Brandwatch or Mention to monitor brand mentions and industry conversations on social media.
12. Demographic Data Sources: Access demographic data from sources like the U.S. Census Bureau, Statista, or other government and private data providers.
13. Trade Shows and Conferences: Attend industry-related events to network, observe trends, and learn about your target market.
14. Customer Reviews and Feedback: Analyze customer reviews on platforms like Yelp, Amazon, or Google My Business to gain insights into customer satisfaction and pain points.
15. Academic Research: Explore academic journals and research studies related to your industry for in-depth insights.
16. Online Analytics Tools: Use tools like SEMrush or SimilarWeb to analyze your competitors' websites and digital marketing strategies.
17. Purchase Data: If applicable, access purchase data from point-of-sale systems or e-commerce platforms to understand buying behavior.
18. Partnerships and Collaborations: Collaborate with complementary businesses to share insights and data on shared customer bases.
19. Advisory Boards: Establish advisory boards or panels composed of experts and customers to provide ongoing feedback.
20. User Testing: Conduct user testing sessions to observe how individuals interact with your products or services.
The right approach to research & analysis
Be systematic and thorough in your approach, using a combination of qualitative and quantitative data, and using the insights you gain to inform your business decisions.
Don’t create your products or services until you’ve done substantial research on your market and audience. That way, when you get to the point of formulating your offers, you’ll know you have something your audience wants and it will perform in the marketplace.
When you’re writing sales copy or promoting your offers, be sure to use emotion-inspiring vernacular that plays to your audience’s desires. Better yet, solve a problem for your customer. Don’t tell them all about your product and why they should buy from you. Tell them about the end result—how happy they will feel after buying what you offer!
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Happy learning!
In conclusion, market research and audience analysis are both absolutely critical components of running a successful business. By understanding your market and audience, conducting ongoing research and analysis, and using data to inform your decisions, you can bring lasting sales to your biz in 2023 and beyond.
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An ex starving artist and 13-year-bartender who finally decided to take a huge leap of faith, she opened her first business in 2020. Through a series of false-starts and what some would call failures, Coco learned how to finally get it right, and now coaches other business owners and hopeful entrepreneurs in the vast world of online business.
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