5 Best Steps To Market Research for SMBs Businesses

Why is Research Marketing For Small and Medium-Sized Businesses Important?

Market research is important and beneficial for both small and medium businesses. Why you may ask? I am here to tell you! Let us dive right into it. Market Research helps improve communication with your customers by getting a deeper understanding of both the product and the target audience.

Market research can help your business improve sales, and customer satisfaction through reviews of products, and brand loyalty. Some of the valuable information that market research strategies and services can provide is knowing what products sell more. Give what your customers want by understanding the current trends, and most popular products, and making it cost-effective.

The market research also helps you know which risks to take, which then can increase your earning potential for your Shopify store. Risk-taking is an important component of running a business. Knowing which risks to take and when to do it is key. Risk-taking can lead to having successful Shopify stores, if done correctly. Performing research on the products is crucial. It prevents you from making costly mistakes that could have been avoided and taking steps that result in massive profits.

Take time to uncover everything you need to know with the market research strategy by understanding the needs and wants of your current and potential customers. Start growing your business straight from your own home today!

Follow the 5 Steps on how Market Research helps both Small and Medium Businesses.

Step #1 Understanding Your Target Audience

Understanding Your Target Audience is extremely important when owning a business. We should be asking ourselves, the age range of our audience, the gender, and what social media platforms they are using. The products should be based on your customer’s wants and needs. It is important to Find Retail stores selling the specific product, which then gives you the ability to recognize the target audience of your competitors bringing awareness to who you should be selling to. When selling products it is key to have a better understanding of who is selling to, without this knowledge you will not be able to sell and run your business.

Step #2 Obtaining All Insights On Your Products And Competitors

Obtaining All Insights On Your Products And Competitors plays a huge role when owning a Shopify store. Gaining customer feedback on the products, if they wish to receive more or fewer emails, and if the deals and discounts are appropriate. It is very important to know where the product is being sold and at what price. You can do this by looking at the Product Statistics and Favorite Products, which provide you with everything you need to know about a specific product.

Step #3 The Importance Of Advertising

Advertising is exceptionally important when selling and running a business. Buildfire clarifies two social media stages that are greatly accommodating. Both Facebook and Instagram are two of the foremost well-known platforms that are being utilized. We as Shopify store owners need to understand the significance of advertising. Let’s take a minute to understand when running any business you need successful advertising campaigns to create brand awareness. Ecommerce businesses are all about advertising. Advertisement pulls in individuals by bringing awareness to one’s store. Advertisements are the foremost effective ways to turn your target audience into potential clients. Explore the Ad Campaign on all social media platforms and check out the winning Ads your competitor presents.

Step #4 Improve your branding

How does our brand stick out from other companies? Improve your branding by spying on your competitors to see how they are presenting their store. We ask ourselves, you can perform in doing market research to improve your branding by exploring brand awareness, competitive comparison, and personification. When owning a store, you want it to stand out from others so create a theme that looks nice and clean. Meaning what are the characteristics and attributes. You can use a fast-loading and clean code theme, like Debutify. Check out your competitors by checking out the Shop Traffic, and getting the latest 2021 trends so you'll know whether the product is still popular or perhaps not as much as it once was.

Step #5 Identifying New Opportunities

Identifying new opportunities can help with acknowledging new market opportunities worldwide. This is a great opportunity not only to sell locally but expand the market of your products. Another example would be if you are planning to change your distribution channel and need to determine how the decision will affect your customer base and overall Shopify store. Identifying new opportunities works by talking to your customers to get product and service feedback, analyzing all the markets both foreign and domestic, and looking at the Product Statistics to reveal all the secrets.

For example, we could be looking for a new retail store and figuring out the right location by examining the traffic they have.

How Koala Inspector Can Be Helpful with Market Research?

Koala Inspector is here to assist you in numerous ways, from giving you all the points of interest of your items to giving you the capacity to spy on all your competitors. As Shopify store owners, we need to dive deep into understanding our target market before moving forward. Agreeing to UNCTAD online shopping has expanded since the COVID19 breakout.

Let’s jump deeper into what the Koala Inspector can do for both small and medium businesses. Koala reveals all Shopify store secrets.  The tool helps you decide which products to dropship, when to dropship, and at what price. The main objective of the tool is to find ways to improve your online store by directing you in the right direction.

Koala Inspector has many features that give us the ability to spy, explore, and have all the right insights within a company. The Koala Inspector tool gives you everything you need to know about other Shopify stores. The tool gives us the assistance we need to run a business successfully and smoothly.

Here is a list of what the Koala Inspector tool has to offer and an in-depth explanation of each feature, check it out now!

• The Find Retailers feature presents to you all the retailers who sell the current product you inspect.
• Gain knowledge about the Shop Traffic on every Shopify store
• See your competitors' paid Ad Campaigns on Google, Instagram, and Facebook to discover what Ad works at other stores.
• Create a list of best-selling products and new releases from any Shopify store on your Favorite Product tab
• Find out all the Product Statistics including when it was published. highest, lowest, and average price
• Export CSV products to your Shopify store from any store selling the products you want to include in your store

In just 3 easy steps you can have the Koala Inspector downloaded and ready to use.

Step #1

Type Koala Inspector Chrome extension

Step #2

Add the Koala Inspector extension to your Chrome

Step #3

Search for the store you are want to explore and continue with clicking on the Koala Inspector extension

We now have the ability to uncover the store’s secrets, insights, and have full access to all of the features Koala Inspector has to offer.

How to Successfully Become A Shopify Store Owner?

Do you want to become your own boss and take charge of your business in every way possible? After reading this blog, you should take what you learned and apply it to your store to get the best results. Follow the 5 steps of Market research and start growing your business, increasing revenue, and profits. Market research helps you understand which target audience you are aiming to reach, as well as the customers who are shopping in your store. Understanding your target audience, obtaining all insights on your products and competitors, the importance of advertising, improving your brand, and identifying new opportunities, all help you boost your online store and actively run.

Remember to dive deep into your market research if you want to sell. The plan to launch your store includes writing a business plan, setting the business up such as the logo, a well-displayed website, and knowing your target audience.

According to Shopify before launching your both small and medium-sized Shopify stores, we need to understand the basics of Ecommerce SEO to properly set up your store. The main advantage of the eCommerce business is allowing people to conduct a Shopify store flexibly, by helping us to reach a full range of target audiences in a short period of time. We want to tailor the store to fit the target audience. It’s important to understand what kind of customers we are working with in order to better fit our Shopify store to fit the needs of the audience.

Within the competitor’s world of business, market research is the business that best understands its customer's wants, needs, and goals. Better understanding your customer means you are able to better fit your Shopify store. Giving your customers what they want is the number one goal. Uncovering what your ideal target audience wants is top priority so they do not become your competitor’s customers. How do store owners know exactly what a customer wants you may ask yourself. Reviews on products are extremely important when it comes to dropshipping, CSV exporting, buying, and selling for your store. Online shopping has become the hottest activity since COVID-19, and everyone is becoming more and more drawn to the idea of shopping online. Why travel all around from store to store when you can do it in the comfort of your own home? Now let’s take the first steps of market research!

Author Bio

My name is Shanna Schanker, I am from America and have been living in Israel for the last year and a half. I am the Marketing Content Writer for Koala Apps. I create blogs, email funnels, and anything related to content marketing.