Most people today engage in business operations due to having the next step in their career as of others it is a thought that always runs in mind. But having a business idea is not enough, conducting market research before starting up a business and creating value for the product.

A big number of business owners fail to obtain most certain statistics on market share, number of competitors in the industry, number of their customers, product research and demand needed in the market, and supply they can offer to the market.

Today I will give you tips on how you can conduct marketing research for your new business without using a lot of time and resources. 

 

Identify your goals and objective

 

 

Know what you are looking for in your research, your aim should be specified in such a way that it is possible to measure when it has been achieved. The main objective of the research is to explore the unknown and unlock new possibilities. 

 

Participants identification 

This part is when a business owner pinpoints potential customers, specific competitors locally and nationally, know what they do and how they do it. Participants could be government, middlemen, rental agencies, tenants, insurance, the national building acts, national land Act.

 

SWOT Analysis 

 

 

Is defined as an acronym for Strength, Weakness, Opportunity, and Threat. It is one of the effective market research analysis techniques, that helps in the evaluation of organization performance in the market.

  • Strength. Ask yourself these questions, what do you do well? What are your strongest assets? How are your products or services better than competitors? What is your unique selling point? How efficient is your workforce?  
  • Weakness. For the new business, it is likely to face the problem of entrance in the market, however, you should survive. Know what you should avoid, improve, and what you do badly. After knowing your weaknesses, you can watch, listen and learn from others.

 

 

 

  • Opportunity. It is the problem that gives opportunity! Seeing problems in the external environment and then brainstorm how you can bring a solution to that problem. Are your competitors not successful in meeting customers` demands? if yes can you target those customers?
  • Threats. Look at your competitors, what are they doing? What are their means of storage, product quality, and suppliers? How do they reach their customers? Are there any changes to your product or service? Are changes in technology going to affect your business?

 

Market Size 

A new entrant will have to measure the likelihood of products or services within a given market. Calculating market size, you need to understand your targeted customers, assessing competitors’ sales and market share through individual interviews, focus groups, or surveys. 

 

Economic and demographic data

Demographic data refers to socioeconomic information expressed statistically about characteristics of the population and customers you will serve. Studying the demographic of your area will assist a new business to understand the purchasing power, age, gender, income level, employment, education level and all this helps in knowing who likes your product, how well it is selling, and what areas are most popular for your product.

 

 

Decide, Monitor and Extract

After collection of all the above data, decisions will be made on where to locate your entity, what suppliers to buy from, what pricing strategy to use if it is cost-plus, price penetration, price skimming, or competition-based pricing. What marketing strategy to use, if it is online or offline. 

Market research tells you if something you didn`t know before, were right or wrong, market research can tell you about something that wasn’t on your radar, it is an investment, not a cost, it helps you plan for profitable growth.

You should know that money can’t buy everything, but it can buy research. Subscription exists for the ones that want to buy relevant industry and research information, visiting We grow can massively save time and give you an opportunity for better ideas. Also, get an opportunity to obtain data in a form that makes sense.

 

 

 

 

Marketing agencies are also known as marketing firms or marketing companies that ideate, plan, execute and monitor marketing performance and use data to improve campaign results on behalf of businesses so as to allow the business to focus on its key activities

Most business owners decide to take matters into their own hands by hiring an internal marketing department to handle the marketing activities which is a traditional approach and it works like magic if the business dwells in a creative industry such as I.T. or Media or has more than regular needs that call for constant marketing.

 

 

 

So, today we have an alternative approach towards marketing, the approach is called 'Hire a Marketing Agency' and we have reasons as to why this approach is the best way to go, at least for businesses in the less creative industries. So, let's see why you should hire a marketing agency.

 

Marketing agencies are cost-effective

Truth be told, hiring a marketing agency is very cost-effective since you will only incur the cost of inbound marketing in which the agency will present the budget to you without any unforeseen costs piling up on your bill.

 

 

 

With a marketing agency, you are assured that there are no recruitment costs, no training costs, no payroll taxes, no insurance contributions, no sick days, no vacations, no retirement and so many other NOs enough to forfeit employing a marketing department.

 

 The business minds its core business

The company should not carry the burden of running all the business operations on its shoulders, it is okay to outsource some expertise and resources for better business performance.

 

  

 

Hiring a marketing agency will free up more time to run the business. Research says that 40% of people working excessively long hours are more likely to suffer from coronary heart disease.

 

The business stays trendy

The business will be up to date with marketing trends. It is part of the essential functions of a marketing agency to keep a close look at any marketing changes, through reading magazines, attending conferences, studying the market to know these trends.

The in-house marketers may not be able to up-to-date with all the latest changes in search engine optimization (SEO), social media marketing, technology, and branding unless you are paying for their training and career development fees.

 

 Increased productivity for your business

Some business owners decide to use existing staff to do marketing tasks in an attempt to reduce recruitment costs without considering skills, experience, and expertise.

Content development, website development, social media marketing, search engine optimized writing are tasks that some businesses handle to their existing staff along with their qualified regular tasks. As a result, this will reduce productivity because chances are they are going to stumble throughout their way.

Outsource those marketing activities and your staff can concentrate on their areas of strength.

 

 Some marketing agencies are specialized in an industry

Consider yourself lucky if you find a marketing agency that specializes in your industry in the African business scene and if you have done your due diligence hire them fast because they know the industry inside out and probably have more information about your products and services than some of your employees. For example, Hookit specializes in tech products and AMDT specializes in Agricultural products.

 

 

 

You can pay as per results.

An agency gives you the option to negotiate terms upon meeting set targets, unlike hiring a permanent sales and marketing staff where you are entitled to pay the salary as per the contract with or without delivering and meeting targets.

Hopefully, we have given you enough reasons why you should hire a marketing agency when you can. Need more reasons? You should get in touch. At WeGrow, they help businesses grow their market shares by handling the marketing activities for them with high integrity among many other things.