Get to Know Your Market

How to use secondary research to understand your customers

Knowing your market inside and out is one of the most essential tasks in running your business. You may think that market research is only for big corporations with big budgets, but in fact smaller businesses can take advantage of all kinds of free resources that are already out there for the taking. All you need is time, patience, and a little know-how. Here are a few ideas on how to use existing secondary research to your advantage:

1. Read between the lines. Get your hands on publications related to your trade. The articles themselves will inform you on important news and trends. However, a close look at other parts of the publication can be even more helpful. Letters to the editor, for example, can offer valuable information about your customers' opinions on existing companies, or alert you to niches that they're searching for that have yet to be filled. Paying attention to your competitors' advertisements can tell you a lot, as well. Keep notes on what they spotlight in their ads, and what they downplay. Find older publications and compare competitors' older ads to their newer ones. What has changed over time?
2. Utilize online discussion boards. If used correctly, online discussion boards can function like ready-made focus groups. Think about the helpful information you could glean from an online forum to foster discussion on the type of product or service that your company offers. Do an online search for existing forums, and review threads about your field and read through past comments. (Most discussion boards have an archive of past discussions available to peruse.) Try searching the boards for the name of your business or the names of your competitors. If you want to go even further, start your own question thread. Open up a discussion that will give you insight on what potential customers like and what they want. For example, ask questions like "What do you look for in a day care center?" or "Where's the best pizza place in town?"
3. Keep tabs on competitors. Experience your competitions' businesses the way their customers do. For example, click around their website, visit their stores, and call them directly to find out more about their services. Get on their mailing list to keep yourself up to date on their products and special offers. Write down your key impressions, keep a record of each encounter you have, and then ask yourself how your business can do better.