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The Importance of Market Research

Share the goods.

A female business owner typing on her laptop.

You know the saying, “we study history to not repeat the mistakes of the past?” It’s kind of like that with market research.
Communication strategies are not just pulled out of thin air. They’re based on information about consumers’ needs and preferences. How that information is gathered can differ—surveys, interviews, competitor analysis, etc.
The important thing is you actually do it. The best part of market research is you always, always, always go back to what the research tells you. Your strategy and the recommendations within are based on what the market actually needs or can support. Here are the basic types of market research.

Primary

Let’s break it down now. Primary research is meant to gather firsthand information on a business’ market and customers. The info is collected through focus groups, online surveys, phone interviews, and more. These are meant to better understand the challenges potential customers face and if there is any brand awareness associated with your company. This type of research is especially useful when building audience/buyer personas. We just recently conducted a survey to gather information for an upcoming product launch. We needed to better understand selling points, feasible price points and creative that would resonate with potential customers.
The results are now being used in finalizing product positioning and messaging for a soft launch.

Secondary

Secondary research is data a business has at their disposal to draw conclusions from and to identify trends. The data can be obtained through public, commercial or internal sources. This includes sales reports (internal—your own business info), digital and web reports/analytics (internal), government data (public—U.S. Census Bureau and the Bureau of Labor & Statistics), market reports (commercial—Pew, Gartner, or Forrester) and more. While the process to collect and analyze market research can be a bit overwhelming, it is an integral part of any marketing strategy.

If you’re interested in learning more, we’re always available for a Zoom happy hour or coffee chat.

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FUN FACT FRIDAY: It’s only fitting for us to own a building where a trailblazing female operated her businesses in 1906. The Phillips family represented one of the longest-running retail tenures in Grand Rapids history; L.E. Phillips Jewelry in the 1365 Plainfield Ave. building from 1906 until 1973.
Dr. Eva Phillips, a certified and licensed optometrist ran her practice out of the jewelry store’s secondary parlor and was an equal partner in the jewelry store.

Together, they offered a unique one-stop shot which expanded to include appliances, record players, and more. The couple operated the shop through two World Wars and the Great Depression, acting as the neighborhood matriarch and patriarch.

@crestongr @crestoncorridor @crestongrandrapids @citygrandrapids @grandrapidspubliclibrary

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Open post by 8thirtyfour with ID 17898983202545176
FUN FACT FRIDAY: It’s only fitting for us to own a building where a trailblazing female operated her businesses in 1906. The Phillips family represented one of the longest-running retail tenures in Grand Rapids history; L.E. Phillips Jewelry in the 1365 Plainfield Ave. building from 1906 until 1973. Dr. Eva Phillips, a certified and licensed optometrist ran her practice out of the jewelry store’s secondary parlor and was an equal partner in the jewelry store. Together, they offered a unique one-stop shot which expanded to include appliances, record players, and more. The couple operated the shop through two World Wars and the Great Depression, acting as the neighborhood matriarch and patriarch. @crestongr @crestoncorridor @crestongrandrapids @citygrandrapids @grandrapidspubliclibrary

Have you tuned into The Happy Hour Hustle Podcast yet?
If not, a) you’re missing out and b) you need to follow immediately. Hosted by @bodespeaks, episodes drop every other week, and feature some pretty bada$$ guests if we do say so ourselves.

This week, Kim sits down with @kelsey_orchard , VP of Marketing and Communications at @fifthwheelfreight to chat building a personal brand, Gen Z entering the workforce, misconceptions about logistics, spotting fake LinkedIn profiles – oh and why your GPA doesn’t matter anymore.

Grab a watermelon margarita, sit back and enjoy for lots of laughs and real talk.

Listen now at the link in bio.

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Open post by 8thirtyfour with ID 18112263326023209
Have you tuned into The Happy Hour Hustle Podcast yet? If not, a) you’re missing out and b) you need to follow immediately. Hosted by @bodespeaks, episodes drop every other week, and feature some pretty bada$$ guests if we do say so ourselves. This week, Kim sits down with @kelsey_orchard , VP of Marketing and Communications at @fifthwheelfreight to chat building a personal brand, Gen Z entering the workforce, misconceptions about logistics, spotting fake LinkedIn profiles – oh and why your GPA doesn’t matter anymore. Grab a watermelon margarita, sit back and enjoy for lots of laughs and real talk. Listen now at the link in bio.

National Perimenopause Month starts today. We have a LOT to say, and we’re not going to be quiet about it, especially this month, so buckle up.

We were not prepared for perimenopause, much like our periods, sex, or anything else to do with our bodies. God forbid we talk about it openly.

We were taught to be ashamed, keep quiet, and to accept that it is just part of being a woman. We reject that narrative. In fact, like @bodespeaks, we want to bring it up in every conversation.

When we normalize perimenopause and the conversation around it, we stop isolating, and we’re all more prepared.
Join us for Uncomfortable Conversations: The Pause on September 24th — a powerful conversation hosted alongside the @smallbusinessassocofmichigan
Women’s Business Council, featuring some kicka$$ experts who will give you the real talk on perimenopause (more to come on them later).

Register at the link in bio.

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Open post by 8thirtyfour with ID 18132641716644887
National Perimenopause Month starts today. We have a LOT to say, and we’re not going to be quiet about it, especially this month, so buckle up. We were not prepared for perimenopause, much like our periods, sex, or anything else to do with our bodies. God forbid we talk about it openly. We were taught to be ashamed, keep quiet, and to accept that it is just part of being a woman. We reject that narrative. In fact, like @bodespeaks, we want to bring it up in every conversation. When we normalize perimenopause and the conversation around it, we stop isolating, and we’re all more prepared. Join us for Uncomfortable Conversations: The Pause on September 24th — a powerful conversation hosted alongside the @smallbusinessassocofmichigan Women’s Business Council, featuring some kicka$$ experts who will give you the real talk on perimenopause (more to come on them later). Register at the link in bio.

You asked, we delivered.

Introducing the Women`s Owners Network - a new program built for what comes first, joining our proven Fellowship model to support Michigan women at every stage of business ownership.

Whether you`ve got a team of 10 or it`s just you and your laptop, you deserve a room full of women who get it.

Six months of leadership, finance, operations, capital access, paired with real support for the isolation, emotional volatility, and decision fatigue that come with owning your own business.

You`ll have your own board of directors in your corner, including @bodespeaks plus a group of mentors, instructors, and coaches who`ve been exactly where you are.

Applications due October 1. Apply now at the link in bio.

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Open post by 8thirtyfour with ID 18089775152664042
You asked, we delivered. Introducing the Women's Owners Network - a new program built for what comes first, joining our proven Fellowship model to support Michigan women at every stage of business ownership. Whether you've got a team of 10 or it's just you and your laptop, you deserve a room full of women who get it. Six months of leadership, finance, operations, capital access, paired with real support for the isolation, emotional volatility, and decision fatigue that come with owning your own business. You'll have your own board of directors in your corner, including @bodespeaks plus a group of mentors, instructors, and coaches who've been exactly where you are. Applications due October 1. Apply now at the link in bio.
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