How to Better Understand Your Business Market

Running a business would be complex enough without a market to deal with, but since you have to understand the market as well, it is even more difficult. Fortunately, you can do many things to get a stronger understanding of the business market you are operating in. And once you have that understanding you can start improving your business in a big way.

Conduct Your Own Research

First and foremost, you have to conduct research to be able to understand the market. You can do research in many ways, but you want to make sure that you come up with as full of an understanding of the market as possible. This means looking at customer data and looking at your competitors to see what is and isn’t working. The more you know about how things are currently working the better you will be able to work as a part of the market and make positive changes to your company.

Source: https://www.qualtrics.com/experience-management/research/market-research-guide/

Create Buyer Personas

Armed with the research you have done you will be in a great position to start creating buyer personas. These personas will help you understand what buyers want and how they will behave so you can make good choices about your business. More than 80% of companies that use buyer personas improve their value. This is good evidence that buyer personas can help you to understand and navigate the market as well as or better than your peers. And the better you understand the market the better your business will be.

Source: https://www.podium.com/article/buyer-persona-template/

Learn What Your Customers Are Excited About

While it is important to know what your customers need, you also need to know what they are excited about if you want a full understanding of the market. As you learn about what excites your customers you will be able to target them more effectively and you will understand the market better generally. One way to find out what your customers love is to simply ask for their feedback and listen to what they have to say. This means of collecting data gives you great insight into the market.

Source: https://blog.marketresearch.com/6-tips-for-understanding-your-customer-and-your-business-competition

Managing your business is full of challenges, but it is harder to navigate those challenges if you don’t understand your business market. Taking the time to research and ask questions can help you to get a better understanding of that market. And if you start working on researching the market you can start seeing results sooner than you think.

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By Amy Reese|2021-09-24T09:40:27-04:00August 31st, 2021|Business Growth, Small Business|Comments Off

About the Author: Amy Reese

Amy Reese is the Founder and Managing Partner of ARC Business Solutions, a consulting firm that helps small and mid-sized businesses gain access to Federal and Corporate contracting opportunities. After spending over 20 years as a Corporate Development Executive in which she collaborated with C-Suite and VP level leaders of Fortune 500 organizations and Government agencies, Amy now leverages her experience in relationship development, collaboration, negotiations and accountability strategies to benefit small and mid-sized businesses who are seeking opportunities to grow their bottom line. During her years in Corporate Development, Amy worked with clients to identify and implement customized solutions that supported her clients’ business needs by developing strategic plans. Amy’s unique accountability techniques have been instrumental in assessing client issues and gaps, allowing her to make recommendations of appropriate solutions. These special techniques have been instrumental in her success as demonstrated by the attainment of revenue growth for her clients in the millions.