So you are thinking about adding new products to your craft business. How do you know which ones will be profitable and which ones will flop? This is where marketing research comes in. With a bit of Marketing Research, you can learn what your targeted audience would be interested in and what products have the potential to be a smash hit.
What Is Marketing Research
Performing market research is the process of determining whether or not a new product will have the potential to be a success or a failure. It is putting a choice in front of your audience and seeing which one interests them more. When you have a new idea for a product or product line, you can calculate the risk you are taking if you add this product or product line to what you already offer.
Why Should You Do Marketing Research?
Market research for your business is essential to know what your customers want and are most likely to purchase. Researching before you mass produce a new product helps save you time and money. Make a few samples and see what people want. By doing market research, you are ensuring your business is headed in the right direction with products and providing products that your customers want.
5 Steps To Marketing Research
Find Your Target Audience
Your target audience is who you want to sell to, a specific demographic of people that you use to design your marketing strategy. This includes sex, age, marital status, if they have kids or grandkids, income, education, hobbies, and interest. This helps you to know how to reach purchasers. Once you decide who you sell to, you can find out what they want.
Listen To Your Audience
The only way you will know what your customers want is to ask them. Turn to your social media accounts and email to ask questions, post surveys and polls, and have conversations with your audience. There are many ways of getting information, and most should be free or inexpensive. Once you have the information, put it into practice. Let your audience know you have asked, heard, and implemented their ideas and feedback.
Find Out What Is Trending
Stay in the know about what is trending. Follow craft sites, search Pinterest and Etsy, and read magazines to see the latest trends in your niche. Observe what is working with other crafters in your similar niche. Do Google searches for new trends in your niche. Stay on top of the season’s colors, themes, and decorating styles.
Introduce Your New Product Or Product Line
Now that you have a new product, you want to reveal your new product to your audience. It is exciting and a little bit scary. Whether you are revealing your product at a craft fair or adding it to your online shop, you need to get your product or product line in front of your audience and let them know you are now offering it. Create social media posts, videos, and online store listings, to get your audience excited and engaged about your new product.
Re-evaluate And Adjust
Once you have introduced your new product or product line, give it some time to gain traction and see how your target audience responds. See what is working and what isn’t and make changes accordingly. You can use this simple but necessary process over and over again.
Continue To Do Market Research Throughout the Life of your Business
You should do market research throughout the life of your business. Every time you offer something new or start creating a new line of products, get your audience involved and get their response. Once you start doing this, your audience will enjoy getting to help, and they will feel heard. Not only are you growing your business in the right direction you are building solid relationships with your target audience.
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