Today’s customers run the world. They rely heavily on their own research, online reviews, and personal networks over traditional sales pitches to make buyer decisions.
But how can small manufacturers ensure they stay competitive and consumers stay at the end of their supply chain? Well, they have to know their market, audience, and what drives those decisions.
That’s where market research steps in.
Read the Blog— “Trending: Your Small Manufacturing Enterprise”
What is Market Research?
Market research systematically gathers, analyzes, and interprets information about your target market, competitors, and business environment. It lets you understand your customers’ needs, preferences, and behavior to make informed decisions about your product, price, promotion, and place of distribution.
How Market Research Helps
Market research helps small manufacturers:
- Create more compelling marketing materials
- Identify more targeted niches interested in the company
- Suggest ideas for new products or services based on pain points
Manufacturing best practices recommend using market research through existing sources or doing the research themselves and going directly to consumers. Existing sources can save a lot of time and energy, but the information might not be as specific to the audience as they would like. Direct research can be time-consuming and expensive, but it can give a nuanced understanding of the target audience.
About Primary and Secondary Market Research
Primary and secondary market research can help manufacturers gain insights into their target market and make smart decisions about their products and services.
For instance, primary research can help manufacturers know the needs and preferences of their customers, find new market opportunities, and try new product concepts. Manufacturers can conduct primary research through surveys, interviews, focus groups, or other methods to collect data directly from their target audience.
On the other hand, secondary research can help manufacturers gather information about their competitors, industry trends, and market size. This information can be obtained from published reports, online sources, or other published materials.
By conducting both primary and secondary research, manufacturers can comprehensively understand their target market and make informed decisions about their products or services.
How Manufacturers Can Conduct Market Research
Market research might look complex, but it can be broken down into manageable steps:
- Define Your Buyer Persona: This is a detailed snapshot of your ideal customer, crafted using market research and real customer data. It helps you target your marketing efforts accurately.
- Identify Your Research Group: This involves finding individuals that match your buyer persona. This group should be your primary research target.
- Prepare Research Questions and Identify Competitors: Develop questions that can provide valuable insights for your business and pinpoint your main competitors to understand the competitive landscape.
- Summarize Findings into Actionable Steps: After data collection and analysis, summarize your insights into an easy-to-understand report. The information should be turned into actionable steps to maintain competitiveness in your manufacturing business.
Free Small Business Trends and Data for Manufacturers
According to the Small Business Association, the free resources below can give valuable insights into specific industries (like manufacturing), customer trends, loan information, manufacturing employment rates, earnings data, and more.
General business statistics
Consumer statistics
Demographics Segment
- U.S. Census Bureau
- Bureau of Labor Statistics
Economic indicators
Employment statistics
Income statistics
Money and interest rates
Production and sales statistics
Trade statistics
- Balance of Payments
- USA Trade Online
Statistics of specific industries
Get More From Your GENEDGE Alliance Membership
Are you ready to take your manufacturing business to the next level? In addition to discounted services like online training and the GENEDGE Emerging Business program, your membership in the GENEDGE Alliance gives you access to cutting-edge knowledge-based resources and tools!
Have a question about anything you read in this article? Contact your Small Business Manager or Comment below!
