One of the most common oversights in business decision-making is skipping – or worse, undervaluing – market research. Yet whether you're starting out, expanding your product range, reaching new markets, or reworking your strategy, research is the foundation of every successful venture. Making assumptions about your market can be costly, and in a world where conditions are always changing, even yesterday’s insights can quickly become outdated.
After working with B2B and non-profit clients for years, we’ve seen firsthand how solid, well-grounded insights lead to strategies that actually work– and what happens when organisations decide to skip the research and jump straight into execution.
Here’s why market research should always be your first port of call.
Market research at every stage of your business journey
No matter where you are in your business journey, research is non-negotiable. It’s not just for the start-ups wanting to prove their ideas are viable. Established businesses expanding their reach, launching new products, or even just updating their tactics all need a strategy anchored in real data.
Without understanding your market – the people, the environment, the competitors – you’re flying blind. Market research provides a roadmap, so you’re not gambling with assumptions. And let’s face it, in the crowded marketplace, insights are what will keep you from slipping into the shadows.
No matter what stage a business is at, using research to guide decisions can help them to move quickly while avoiding costly mistakes.
Carving out a unique position in a competitive landscape
Name one market that isn’t competitive right now. We’ll wait.
While some markets or industries may have more competition than others, it takes hard work to find a truly unique position in any market. The good news is, you don’t have to reinvent the wheel. Your product or service doesn’t have to be unique– experiential elements can give you your edge.
If your product isn’t entirely unique, you can still create a powerful identity by defining a distinctive brand voice and delivering exceptional customer service. When customers resonate with your brand personality, are particularly aligned with your values, or remember the quality of their experience, they’re more likely to keep coming back.
Just like you might have a favourite cafe– not because the coffee tastes significantly better, but because the barista is particularly friendly or funny and remembers your order. It’s not just about what you offer but *how* you offer it – from the tone of your messaging to the way you support and engage with clients.
Let’s say, for example, your competitors are all promising similar benefits, but you’re the one who takes a stand on certain issues and shows up with a genuine voice that’s relatable, empathetic, and informative. Over time, these impressions matter more than having the flashiest product in the market. Remember, it’s not only about differentiating from direct competitors. Sometimes, it’s indirect competitors – those who offer alternative solutions – who you need to watch as well.
With that in mind, here are some questions to add to your next competitive analysis that go beyond the standard ones you find online.
- What are they offering and who is their audience?
- How much are they charging?
- How are they positioning their offer?
- Do they make any guarantees?
- Do they have any distinct opinions or points of view about the industry they’re in?
- Are they loud and proud about any of their values?
- What promises do they make about their customer service? (Can you find any customer reviews talking about their experiences?)
Making market research a continuous process
Once-off market research is a start, but to stay relevant, it should be an ongoing process. Regular insights mean you’re not just reacting to changes but are positioned to make adjustments before they become issues. You might not have the resources to constantly be running in-depth customer research. Instead, think about ways you can build it into your regular process.
Easy ways to run continuous customer research:
- Add a question to your enquiry forms
- Build specific questions into your sales scripts
- Add specific questions into your onboarding and offboarding processes
- Create a process for asking for reviews and feedback - this can be in person, or a simple automated email.
Wondering when you should make an effort to conduct more in-depth research? Any time you’re making a change in your business. This could look like:
- Starting a new business
- Evolving or changing direction in your business
- Launching a new sub-brand or service
- Expanding your product range
- Reaching new markets
From customer preferences to industry trends, it’s all about keeping your finger on the pulse. Even small adjustments to your messaging, based on up-to-date insights, can make a noticeable difference.
You can’t afford to ignore PESTEL
Talking to your customers is crucial, yes. But we also have to keep an eye on the macro-environment– the things that are out of our control that impact our audience.
This is where PESTEL comes in: Political, Economic, Social, Technological, Environmental, and Legal factors. These areas can impact your market in ways you might not see coming. But just because they’re beyond your reach doesn’t mean you can’t do anything to prepare.
Here’s why each element matters
Political
Changing regulations and policies, particularly in international trade, can impact everything from sourcing materials to prices to delivery logistics.
Economic
Interest rates, inflation, and general economic health determine not only your audience’s disposable income, but also their mindset towards certain offers. For example, they may cut back on things they view as luxury products.
Social
Shifts in demographics or consumer behaviour influence what products are popular and why. This is particularly relevant today when social media influencers, going viral, or getting cancelled online can change the trajectory of a business in what seems like an instant.
Technological
Rapid innovation demands that businesses keep up or get left behind. This is particularly impactful on customer service, marketing, and personalisation.
Environmental
With sustainability high on the agenda, businesses need to adapt to eco-friendly practices and meet consumer expectations.
Legal
Compliance with local and international laws is essential, as the consequences of missteps can be expensive.
While you can’t control these forces, you can monitor them and adapt accordingly. In this environment, awareness is your competitive advantage, and research helps you keep up with changes that could impact your business.
Key takeaway
Like the idea of a low effort way to keep an eye on PESTEL factors that might impact your business strategy? Try setting up a "PESTEL Watchlist" to stay aware of shifts that matter. This can be a manual shortlist of things to look up regularly, or even an automated system such as Google alerts.
Conclusion
Market research may not always feel like the most exciting part of running a business, but it’s undeniably one of the most essential. Solid research lets you make informed decisions, helping you sidestep potential pitfalls and seize opportunities as they arise. Here at Make It Happen, we’ve built our brand and marketing approach around data and insight-driven strategies to help our clients grow with confidence.
Ready to base your next business move on real data?Book a free 30-minute consultation to explore how market research can transform your strategy– and your bottom line.