Hi, and welcome to Episode 229 of The Brand It Build It Podcast: How Market Research Grows Your Business! I’m your host, Kelly Zugay, and whether you’re a new business owner or a seasoned entrepreneur, my goal is to provide you with actionable tips and strategies to help you grow your business with confidence. Today, we’re diving into a topic that can often feel a bit daunting but is an absolute game-changer: market research. We’ll be exploring how doing market research can grow your business and, of course, I’ll be sharing three easy and strategic steps for conducting market research that you can implement right away.

First off, why is market research so important? Well, picture this: You’re launching a new product or service. You’ve put in all the hard work—hours of brainstorming, designing, and refining. But… who’s your ideal client? What are their needs, desires, and pain points? Without market research, it’s like throwing darts in the dark. You might hit your target, but wouldn’t it be amazing if you knew exactly where to aim? That’s the power of market research—it helps you make informed, data-driven decisions that not only resonate with your audience but also help your business grow sustainably.

How Does Market Research Grow Your Business?

When you have a clear understanding of your market, your audience, and your competitors, you can:

1. Create products or services your audience truly wants – Instead of guessing, you’re responding to their needs and desires.
2. Refine your messaging – Your marketing becomes more effective because you’re speaking directly to your ideal customer.
3. Position yourself against competitors – You’ll know what sets you apart and how to highlight those strengths in a crowded market.

In short, market research empowers you to work smarter, not harder. It’s about knowing your audience so well that your offers practically sell themselves. Now, I know market research might sound like a huge undertaking, but it doesn’t have to be complicated. Today, I’m sharing three steps to make market research feel easy and, more importantly, strategic.

Step 1: Start with Your Existing Audience

You don’t have to look far to start your market research journey. Your existing audience or customers are a treasure trove of valuable information. You can:

• Send out surveys asking for their feedback on your products or services.
• Host informal interviews with some of your loyal customers.
• Dive into your website analytics or social media insights to see what’s resonating with them.

By starting with people who already know and trust your business, you can gather insights that are both relevant and actionable.

Step 2: Analyze Your Competitors

Competitor research is a great way to learn what’s working—and what’s not—within your industry. Pay attention to:

• The products or services they offer.
• How they position themselves in the market.
• What type of content they’re sharing and how they’re engaging with their audience.

While it’s important to stay authentic to your brand, understanding the competitive landscape can help you identify gaps in the market and discover opportunities to differentiate your business.

Step 3: Utilize Free Tools

There are so many free tools available to help you conduct market research easily. Tools like Google Trends can show you what topics your audience is searching for. You can also use social media platforms to see what’s trending in your industry or niche. For example, a quick look at popular Instagram hashtags in your field can give you insight into what’s capturing attention right now.

Don’t forget about online communities—places like Facebook Groups, Reddit, or even product reviews. These platforms are filled with real conversations about people’s problems, needs, and desires.

And there you have it—three easy steps to conduct market research with strategy and ease. By tapping into your existing audience, analyzing competitors, and using free tools, you’ll gain the insights you need to grow your business with confidence. Remember, market research doesn’t have to be intimidating. It’s about understanding your audience so well that every decision you make moves your business closer to success.

If you enjoyed today’s episode and found it helpful, I’d love for you to leave a review or share it with a friend who could benefit from these tips. And as always, don’t forget to subscribe so you never miss an episode of the Brand It, Build It Podcast.

Thank you so much for tuning in!

Brand It, Build It Podcast, Hosted by Kelly Zugay

Hosted by Kelly Zugay, co-founder of With Grace and Gold, The Brand It, Build It Podcast is the best small business marketing podcast for small business owners, creatives, and founders. Weekly, brief, actionable episodes will equip you to build a successful, sustainable small business. Since 2014, With Grace and Gold has provided award-winning custom brand and Showit web design and completely customizable Showit website templates for small businesses worldwide.