One of the most valuable services we provide to our clients through our one-on-one consulting is our access to market research. During my career in the corporate world, we used market research to make our key marketing decisions, so I now utilize this resource to help my clients do the same.
Here are a few examples of how ASBTDC market research has been a practical tool for small businesses:
1.Determining Business Location Based on Market Data
The owners of Woof and Wander came to our office wanting to start an outdoor adventure store with high-end products for dogs. They really loved Fayetteville and wanted to live and locate there, so we performed market research on the NWA area. We compared Fayetteville, Bentonville, and Rogers using our market profile and consumer segmentation.
After examining the data, it was clear that Rogers or Bentonville was going to be their best option due to the higher disposable incomes of young professionals in the area (their core consumer). Woof & Wander liked downtown Rogers and finally found a location that fit their vibe and budget.
Our research directed them to the best location based on their target customer, enabling them to choose the place where they would capture the most sales. They have now successfully been in business in their downtown Rogers location for almost five years!
2. Hyper-Targeting Advertising Based on Market Data
Window Genie owner, Tracy French, came to us for help with her marketing. She had employed traditional forms of advertising and wasn’t seeing much return on investment, so we examined the business, discussed her target markets, and examined their household expenditures.
We concluded that her customers were likely also spending on housekeepers. We ran research to find out which zip codes had the highest spending levels on a variety of household cleaning services to identify areas where she could employ other forms of advertising, such as Facebook, door hangers, and flyers.
3. Defining Customer Segments in Business Plans
I have worked with several startups and know that including market research in a business plan is standard procedure. A key part of that research is identifying target customers in the area.
I worked with Arkansas Swim Academy on their business plan, and we pulled data around their different location options to identify the key market segments using our tapestry segment research.
This type of research allows us to identify customer segments detailing customer demographics, behaviors, and attitudes. We included this information in their business plan, which ultimately allowed the client to receive the funding they needed to get their business up and running.
These are just a few examples of how our market research has helped Arkansas Small Businesses reach their goals. Reach out for a free consultation and let’s start informing your decisions with market research.
Lori Lieblong