To Grow Your Senior Service Business, You Want to Use Market Research. Just Make Sure It’s Good Research.
You want to grow your business. You need to grow your business. You’re just not sure how. Here’s a great place to look: market research. If you do the market research right, it helps identify trends as well as gaps in products or services, and it keeps you up-to-date on anything going on within your industry that can affect sales.
However, there are certainly some mistakes that you’ll want to avoid while doing market research. Here are nine of the most common ones.
#1. Setting an Unrealistic Budget
You don’t want to spend too much or too little—either time or money. First, see what research is already available and whether or not you can use what exists. If you can use what’s already there, you can save a lot of time and money. But, if the things you want to know aren’t out there yet, you’re going to have to go get them or have someone else get them. You can always get bids to get an idea of the cost.
I’ve hired researchers from Upwork.com and I’ve also hired researchers from my local university (marketing students are often eager to get real-world experience and have access to lots of data). Alternatively, you can talk with your market yourself (my favorite way) or you can use software like SurveyMonkey.com to conduct some of the research and only hire someone to help you decide the questions.
#2. Not Having a Specific Plan of Action
Know what you want to research before starting. Devise some questions that you need answers to. Know why you want those answers and how it affects your business before even starting. There’s no sense spending a lot of time and money answering questions that don’t have a direct bearing on how you will grow or run your business.
#3. Not Understanding What Constitutes Good Sources
You can find anything to support your assumptions on the internet. But, not every website is a good source. Check up on anything that someone else says and realize there is a huge difference between an opinion and a fact. Even “fact checking” websites are known to have their own biases. Ultimately, it’s up to you to determine if a source is worth using. You never want to use a source that you would be embarrassed about using if someone called you out on it.
Remember that some sites are parody sites. I can’t tell you how many times someone has posted a headline from TheOnion.com on my Facebook wall, then railed against whatever outrageous “story” they had linked to. TheOnion.com is a parody site, meant to provoke.
#4. Not Researching Your Competitors
It’s essential to know what your competitors are doing. You know the saying, “Keep your friends close, but your enemies closer.” No, your competitors are not enemies, but you do need to know what they are doing.
#5. Not Understanding in Advance Who Your Target Audience is
If you don’t know who your target audience is, it will be difficult to ask the right questions during your research. Make the first research you do learning about your audience.
#6. Spending too Little Time on Survey Creation
When developing questions for surveys, it’s important to understand how to come up with good questions in terms of phrasing, and the order of questions and the type of answers they’re allowed to provide. Don’t wing it here. Ask an expert if you can. And at the very least, do some background reading. Here’s a great article on asking effective survey questions.
#7. Not Spreading the Word about Your Research
When either conducting research or putting the research to work, you’ll need to spread the word about it. If you want a lot of participation, spreading the word is essential. I post to all of my social media accounts and will even run targeted Facebook ads to get greater participation. And remember that if you want to be seen as an expert, you need to 1) be one and 2) act like one.
#8. Not Getting More than One Source
One set of data is not enough to prove anything to you or anyone else. Good research requires multiple sets of data that prove your assumptions.
#9. Not Using Your Research
There is no point in doing all the research if you’re not going to put it to work for you. Some people do the research, don’t like the answers, and move forward with their original plans anyway. This is a huge mistake.
Avoid these common market research mistakes if you want to have a long-term successful senior service business. Simply educating yourself about the market you work in will pay big dividends by helping you avoid mistakes in marketing and staying ahead of the competition.
If you’d like to discuss your market research ideas with me, please feel free to contact me. I’m here to help.