Market research is a crucial aspect of any successful business. It allows a business decide on a target group to sell their product to, while also deciding the best method to sell the product. Proper market research will ensure that money is not wasted on inefficient advertising methods. A business should follow the SMART goal setting method when conducting market research. The acronym SMART stands for specific, measurable, attainable, relevant and time-based. Properly implemented, this method will save a business lots of time and money.
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Goals should be clear and concise. All members of the business should be clear on what their objectives are in relation to market research. Instead of aiming just to increase sales, aim to increase sales specifically by 20 percent. Also, choose your target market, such as teenagers, so that market research can then be aimed at finding out which products teenagers find most appealing.
Choose a goal that can be measured. This allows a business to monitor their progress and make any necessary adjustments. In relation to sales, you need to know what your starting number is, and then set a target for end of year sales. If you made £500,000 last year, aim for £600,000 this year. Measuring your progress allows you to adjust your market research according to your progress.
Before conducting your market research, you need to make sure that your goals are realistic and achievable. Set goals that are challenging, but that are possible to accomplish. Instead of aiming to increase sales by 50 percent, perhaps 20 percent would be a more realistic target. Achieving targets will keep your staff motivated to move on to the next goal.
Marketing goals need to be relevant to what you are trying to achieve. There is no point spending money on advertising products to seniors, if your products mainly relate to teenagers. Market research needs to be specific to the product and the aim of the business.
Setting a deadline for your goals creates a sense of urgency and importance. The time frame needs to be realistic and achievable. A deadline will also keep staff motivated and focused on carrying out market research that will allow the company to achieve its objectives, such as increasing annual sales in a 9-month span, rather than in a 6-month span.
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