3 steps to conducting good market research for your interior design business

Thorough market research is an essential part of any brand development and growth. If you’re the owner of an interior design business, it’s important you some spend time on this! Selling the wrong service, to the wrong audience can be really costly (both financially and time-wise). This is why taking the time to market research is critical.

What are some of its key elements? When do we use them, and how do we get started? Let's take a look.

The first port of call is to explore your intended market and to consider these questions. Give yourself lots of time for this part.

1. Preliminary Market Research 

What services are already being sold? Who is buying them? Are they successful? 

As you dig deeper you can begin to discover your potential market size, market trends (what's popular right now), and customer preferences. This helps you become focused on the right market and to develop a deeper understanding of the potential success of your services as an interior designer before you launch.

2. Primary Market Research

Choose your strategy 

It’s important to know that there is no ‘one size fits all’ with market research, it is dependent on your needs and desired outcomes. 

Here are some types of market research strategies that you can look into:

• Product/Service Use Research

 Product and/or service use research offers insight into how and, most importantly, why your audience uses your product or service. This type of market research also gives you an idea of the product or service's usability and importance for your target audience.

• Buyer Persona Research

Buyer persona research gives brands a realistic look at who makes up the target audience, what their perceived challenges are, why they may want your product or service, what they need from your business and brand, and more. This may take the form of a questionnaire, a poll or Q&A on a social media platform, or customer feedback.

• Market Grouping Research

Market segmentation research allows brands to categorize their target audiences into different groups based on specific and defining characteristics or preferences. From here you can determine effective ways to meet their needs, understand their pain points and expectations, learn about their goals, and more. This is a great way to connect with your audience using more personal means of connection such as social media.

• Pricing Research

This form of research gives you an idea of what a similar product or service is already out for. Documenting what they sell for, what types of people pay a set amount, and also managing the pricing expectations of potential clients and customers.

• A Competitive Analysis

Competitive analyses are extremely valuable because they give you a deeper understanding of the competition in your market and industry. You can learn what's doing well, what your target audience is already going for in terms of products or services like yours, which of your competitors should you work to keep up with (and surpass), and how you can clearly separate yourself from the competition. This research is done in-house, by you.

• Customer Satisfaction Research

Customer satisfaction research gives you an insight into how you can get current customers to return for more business and what will motivate them to do so (e.g. referral rewards and unforgettable customer service). This research will help you to highlight what's already working within your business. 

• Brand Awareness Research

Brand awareness research tells you about what your target audience already knows about your brand. It tells you about the associations your audience makes when they think about your business, what impressionable features you already have, and what reputation you are building. This is a great launching platform for anyone who is wanting to launch a new product or expand.

Whilst it can feel overwhelming at first, once you find the right strategy for you, you’ll be able to re-use it anytime you launch a new product or service.

3. Secondary Market Research

Test your product or service

Depending on what you are selling, this part will differ. The best way to test the viability of your product or service is to test it in the real world. Create a prototype, or offer your service at a discounted rate and ask for feedback. 

Feedback from real customers is magic when it comes to marketing!

This step is crucial to start-up brands but whether you are a new brand, or you’re seeking to expand, you can still test your services and products. This gives you real information on what works, and what doesn’t, so that when you officially launch you’re ready to go! 

The purpose of market research is to gather information, the more information you have, the more resources you will have when it comes to selling and customer relationships. 

WHY MARKET RESEARCH SHOULD DRIVE YOUR CONTENT AND MARKETING STRATEGY - Click here to learn more.

If you need support to conduct your research, learn from the results and implement it in your business, get in touch!  Click here to schedule a Complimentary Brand Consultation and get the support you deserve!

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