What is the next big thing?

These days, everyone's looking for the "next big thing."  You know, that one product or service that everyone has to have.  Your customers are.  Your competitors certainly are.  And hopefully, so are you.  As a business owner, you should always be on the lookout for new products or services that your customers want to buy.

The Internet has turned the world into a kind of global "marketplace".  If you want pearls from the orient, silk from India, or to know what the gross national product of Madagascar, chances are, what you want is just a mouse click or two away. 

It has also changed the way we do business.  In fact, even if you're just starting your business, chances are you already have, or plan to have, a Website.  The Internet can provide you with the tools, information and resources you need to reach your customers, sell your products and make more money.

If you're just starting out, you’ve probably also been doing online research to find out how to make your business successful. So you’ve probably heard several hundred ideas for marketing and selling your product or service.  Phrases like "sell to your target market"; "find a niche" and "focused advertising campaign" are becoming part of your marketing vocabulary these days.

And you've probably heard how important it is to find and use keywords, and pay-per-click advertising, and posting in forums. You've heard the gurus tell you that you should write articles, create a blog, send out a newsletter, and if appropriate, sign up for the best affiliate programs.

But, you know what? There is one thing that you absolutely MUST do -- BEFORE you do any of that other stuff.

Because I can promise you that if you don’t get this right, you may as well kiss your money, your time, your success and maybe even your business, goodbye.

\Without doing this ONE thing, it won’t matter how great your products are, how much you’re selling them for, or how well you promote them.

Want to know what is the one secret that is vital to the success of every start-up business owner? Marketing Research.

What is Marketing Research?

According to the American Marketing Association, marketing research is the "systematic gathering, recording, and analyzing of data about problems relating to the marketing of goods and services".

Why is having targeted market research so vital to the success of your business? Because there are no guarantees that what your customers want today will be the same thing they want next month, or next week or even tomorrow.

If you want to be successful, you need to keep this one thought in mind.

Read that sentence again. (Go ahead, I’ll wait for you.) THAT one sentence will make the difference between your success or failure.

Market research is all about your customers and their ever-changing behavior, feelings, wants and needs, which are influenced by some very subjective factors. So, if you want to be successful, want to have your competitors eating your dust, and want to have a loyal, expanding customer base, you need to conduct market research – now, before you sell your first product or service, and all through the stages of your business’ growth.

There is a lot of hype set up around the words "Marketing Research" and they can seem complicated and overwhelming when you’re just starting out. Actually, marketing research isn’t complicated, it’s not difficult, and you don’t have to hire an expert to do it for you.

Market research is simply a method of gathering together facts and opinions in an orderly, objective way to find out what your customers want to buy – not just what you want to sell them. If you do it right, market research will help you:

• Reduce your business risks
• Spot current and upcoming trends in your market
• Pinpoint potential problems
• Give you sound advice about how to fix those problems

On-going market research not only gives you vital information about what your customers want, it can show you how to present it in such a way that your customers will practically beg you to sell it to them!  

Every big Fortune 500 company conducts market research.  Your most successful competitiors are conducting market research.  And so should you.  Market research isn’t an exact science, but luckily for you, the questions are all basically the same. This means that by following a similar process, and asking the same questions as a marketing research firm, you can get the same information, and help to guarantee your success.

You need to find out:

• Who are your customers and potential customers?
• What kind of people are they?
• Where do they live?
• Can they – and will they— buy your product and services?
• Who are they buying from now?
• Are you offering the kinds of goods or services your customers want?
• Are you offering it at the best place?
• Are you offering it at the best time?
• Are you offering it in the right amounts?
• Are your prices consistent with what your customers view as the product's value?
• Are your promotional programs working?
• What do your customers think of your business?
• How does your business compare with your competitors?
• Identify sales opportunities
• Develop two action plans – best case and worst case scenario

The Secrets to Conducting Effective Marketing Research:

Without being aware of it, most business owners are already doing market research. When they analyze the reasons products are returned, ask former customers why they've switched to a competitor, and check out at competitor's prices, they're conducting market research. Formalized marketing research simply makes the process a little more organized by providing a framework.

Market research can be as simple or as complicated as you want to make it.  Whenever possible, I always vote for simple!  I want to find out what I need to know about my target market as quickly - and inexpensively -- as I can. 

So, when you're ready to start your own market research campaign, you might try any of the following:

• include a questionnaire in your customers' bills to gather demographic information
• conduct a survey to find out if a new product has potential
• send out an email or direct mail, asking your customers what their biggest problems are relating to a specific subject
• talk to your customers when they come into your store, talk to you on the phone or email you
• create a focus group, and ask their opinions

The important thing to remember is that your customers have to want what you're selling.  And the easiest, quickest and most effective way to find out if you've got the "next big thing" -- is to ask them!

This article can be used on your Website or newsletter as long as this resource box is included, and the article is not changed in any way.  I would appreciate an email letting me know where it's being used, but it's not a requirement!

Cheryl Antier is the President/CEO of Dream Weaver Enterprises, a business and fundraising consultancy company.  Microenterprise Answers for your Personal Success (MAPS) is a Website dedicated to empowering women entrepreneurs and helping them find the funding, resources and information they need to "weave their dreams of business ownership into reality."  MAPS offers a free monthly newsletter, for people who don't mind stopping to ask for "Directions" to get where they want to go. Sign up is free: http://www.microenterprisesuccess.com

Cheryl Antier