- Date published
Consultant Corner with Amy Jackson
Starting a business is exciting — but skipping market research? That’s like setting sail without a map. It’s the foundation of strategic planning and your business roadmap to success.
The business world moves fast, and if you want to keep up, you have to stay on top of what’s happening in your industry.
“That doesn’t mean you have to hop on every trend,” says business consultant Amy Jackson. “But the better you understand those trends, the quicker you can respond when they matter.”
Know Your Business
Market research isn’t one-size-fits-all. It depends on what kind of business you’re running. Are you solving a brand-new problem, or improving an existing solution? Figuring this out helps you focus on the right audience details:
- Demographics (age, income, education, etc.)
- Geographics (where your customers live and work)
- Psychographics (lifestyle, values, interests)
- Behavioral (buying habits and brand loyalty)
Think about what kind of people will love what you offer. The clearer your picture of your ideal customer, the better you can craft a marketing message that speaks to them.
The SBDC at MSU, part of efactory, is a great place to start. They have access to resources that can provide valuable industry insights, and at no cost to you.
Know Your Competitors
It’s just as important to understand your competitors as it is your own business.
“A common mistake I see entrepreneurs make is ignoring their competitors,” Jackson points out.
Checking out your competition can give you an edge. You can learn from what they’re doing right — and avoid their pitfalls.
And guess what? Sometimes, competitors can be allies.
“For example, a court of food trucks all have one shared audience: hungry customers. They’re all technically competing, but they also attract more customers to one area.”
Revisit and Assess
“When it comes to customer feedback, established businesses have the luxury of their own data,” Jackson comments.
That’s why it’s important to review and update your business plan regularly – at least once a year!
Sometimes, your data will tell you something you don’t want to hear — maybe there’s not as much demand as you thought. And while that can be tough to swallow, it’s better to know early so you can adapt. Maybe that means shifting your marketing approach, or in some cases, pivoting to a contingency plan.
The bottom line is this: Market research isn’t just something you do at the beginning — it’ should be an ongoing part of running a successful business.
If you’re not sure where to start or want to find the best route to take for your business, set up a meeting with Amy.
