No matter how wonderful you think your pet business product or service is, the most important questions you need to ask are does your market want it and are they willing to buy it?
As we've discussed before, pet business marketing doesn't start with a great idea for a product or service, it starts with the consumer. If your target pet business market doesn't want or need your product, then you have no market and your business is doomed to fail.
Market research is important for every pet business, and should not be a marketing activity you do only once. Market research should be an ongoing and important part of your marketing efforts.
Successful businesses conduct research on a regular basis to keep up with market trends, to maintain a competitive edge, to understand the growing wants and needs of their prospective customer, keep focused on how they market their pet business, reduce risk, help them be more cost effective in their marketing tactics, understand their competition, and more.
Whether you are just starting your pet business, redirecting your pet business, or expanding your pet business, market research is imperative in helping you understand your market and increase sales.
What types of the information can you garner, and should obtain, from a market research project?
Market research can be divided into two types - Quantitative research and Qualitative research. Although, making in-roads into market research is a third category of 'Observation'.
Quantitative research is all about hard facts, including market share, potential market numbers, demographic data and more.
Qualitative research is about exploring why people do what they do, garnering opinions, exploring ideas and issues, understanding likes/dislikes, etc.
Observation research is about gathering and tracking data including website visits, social media likes, click throughs and more, and understanding who is interested in your pet business product/service.
Within these types of market research are two very important aspects of information you need to obtain:
Demographics - Understanding who your prospective customer is, their likes and dislikes, how old they are, what income and educational level they obtained, gender, their lifestyle, and more can provide you with valuable information about how you can actively satisfy and target your intended market.
Psychographic information - Pschographics include the study of opinions, lifestyle, personality, values, interests and more. This type of information can help you understand a prospective or current customer's purchasing habits and trends, shopping preferences, lifestyle choices and more....all helping you specifically target and speak directly to individuals who are most likely to purchase your pet business product/service.
As Baby Boomers (the generation who created our booming pet industry) age, and other generations become the new pet business market, we see demographic information becoming less and less important to pet business marketing efforts; and see psychographic and observational information as key information to help pet businesses create marketing tactics to specifically target the new pet business prospective customer and increase sales.
To learn more about how your pet business can utilize market research to more effectively market and sell your products and/or services, contact Pawsible Marketing today for a free 30 minutes consultation.