Marketing research can be used to meet nearly all the marketing information needs of the small businessperson. Every area from developing a business plan to designing an effective advertising program can benefit from the use of carefully planned and executed research.
How Is Marketing Research Used?
Let's take the example of developing a business plan. When you first sit down with that blank piece of paper and dream of owning your own business, you should be asking yourself questions such as: What am I going to sell? Will people buy what I sell? How much should I charge? Where should I locate? How much competition is there and who are they? Questions such as these should be at the heart of any effective business plan, and marketing research can help you answer them.
Let's say, for example, you've decided to turn your passion for fishing into your livelihood, and you open your own tackle and equipment store. You feel there is a need for such a service and are ready, willing and able to jump at the opportunity. One of your first steps might be finding out how many other tackle shops are in your area to get a feel for the level of competition. A quick glance through your local Yellow Pages would readily supply you with this information. Congratulations! You've just completed your first marketing research project. As the questions become more difficult to answer, however, the marketing research must become more sophisticated. For example, although you might be able to partially determine the demand for a fishing tackle shop by talking to your neighbors and "fishing buddies," their interest won't tell you how all the people in your area feel (and you know how those fisherman lie!). A better approach would be to commission or conduct a scientific survey of a representative sample of all local consumers. Much of the background information necessary for a useful, working business plan can be collected using marketing research. Consider the following examples of where marketing research can be of benefit:
New Product or Offering
Many new product lines or special offers ("10% Off!") are the results of careful marketing research, which can determine customer needs and wants and allow you to supply your customers with just the "right" product or service. Research can be used to determine the impact of special sales programs or discount offers and can even be used to introduce a new product before the expense of fully doing so is incurred.
Pricing
Pricing is a crucial marketing element in all businesses, whether large or small, and marketing research can supply precise information for pricing decisions. Well-designed research can determine the true trade-off between price and the amount of sales before committing to a specific sales program.
Advertising
Many small business owners are very concerned with the promotion and advertising of their businesses. Considering the cost of advertising today, their concerns are well founded. One of the most frequently asked questions is: "How effective is my advertising?" The answer can be determined with many types of formal and informal research techniques. For example, a separate telephone line with a number that appears only in your Yellow Pages ad can be installed. By placing a tally sheet next to the phone, a count can be recorded every time a call comes in on that line. By the end of the month, you will be able to tabulate exactly how many calls are generated by your Yellow Pages ad and then determine its effectiveness. These strategies are just a few of the many possible applications marketing research has for small businesses.
Learning how to persuade and influence will make the difference between hoping for a better income and having a better income. Beware of the common mistakes presenters and persuaders commit that cause them to lose the deal.
Conclusion
Persuasion is the missing puzzle piece that will crack the code to dramatically increase your income, improve your relationships, and help you get what you want, when you want, and win friends for life. Ask yourself how much money and income you have lost because of your inability to persuade and influence. Think about it. Sure you've seen some success, but think of the times you couldn't get it done. Has there ever been a time when you did not get your point across? Were you unable to convince someone to do something? Have you reached your full potential? Are you able to motivate yourself and others to achieve more and accomplish their goals? What about your relationships? Imagine being able to overcome objections before they happen, know what your prospect is thinking and feeling, feel more confident in your ability to persuade. Professional success, personal happiness, leadership potential, and income depend on the ability to persuade, influence, and motivate others.
Kurt Mortensen’s trademark is Magnetic Persuasion; rather than convincing others, he teaches that you should attract them, just like a magnet attracts metal filings. He teaches that sales have changed and the consumer has become exponentially more skeptical and cynical within the last five years. Most persuaders are using only 2 or 3 persuasion techniques when there are actually 120 available! His message and program has helped thousands and will help you achieve unprecedented success in both your business and personal life.
If you are ready to claim your success and learn what only the ultra-prosperous know, begin by going to http://www.PreWealth.com and getting my free report "10 Mistakes That Continue Costing You Thousands." After reading my free report, go to http://www.PreWealth.com/IQ and take the free Persuasion IQ analysis to determine where you rank and what area of the sales cycle you need to improve in order to close every sale!
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