Observations at the grocery store, in Florida, the day before a hurricane

Market research really is at the heart of everything we do as business owners, whether that’s as course creator or writer or any other sort of business. Market Research is done formally and informally, and you are doing it anytime you take notice of something that might impact your business.

For instance, here in Florida, we’ve got a hurricane coming. (Yikes!) And every business (and citizen) around knows that the day before the storm, everywhere you go will be busy. You might not be surprised to hear that the grocery stores are busy, or even gas stations, but the mall? All the local restaurants? Hair salons, nail salons, gyms, boutiques of all kinds…all busy. What?

Everyone is out not only getting supplies to hunker down during the storm, but also doing lots of errands and social things that they’ll won’t have a chance to do, not only on ‘Storm Day’, but also for an undetermined number of days after that.

Yes, you might just chalk this up to ‘those crazy Floridians’, and I’ll grant you that, at least in part. 😉

But the other half of it is that all these various shop owners and managers know this, too. Having observed what happened before previous storms, they know they have to staff up for these Storm Day Eve’s. They’ve also learned what people buy on these days. Sure, it’s water and TP, but also (because this is Florida), lots of wine and spirits, too.

While these businesses may not necessarily say they have ‘conducted market research’, they actually have. The tell-tale sign is that they have made adjustments based on observations and previous experience that have helped their business be more successful or run more smoothly on these high-activity days.

I suspect that they use a mix of formal and informal information in making their Storm Day Eve or seasonal plans. A grocery store might keep a higher stock of certain items, let’s say water, during hurricane season. Stores everywhere analyze their inventory to make all sorts of seasonal adjustments. As a storm gets forecasted for our area (weather forecasters let us know several days in advance), they schedule extra staff and adjust inventories.

You might just call this operations or logistics. And that’s partly true. But, what’s also happening is that operations and logistics departments are making adjustments based on market conditions, based on their market research.

Market research can save or make your business – regardless of what your business is – time and money. It sounds almost too simple when put like that, but it really is true.

It can help guide your decisions, help you figure out what to create, and how to talk to your customers. It can help you identify trends so you can better plan for all those pivots businesses need to make in order to stay relevant.

I’ve seen time and again the impact a bit of organized knowledge can make for businesses large and small.

So what’s the point?

The point is, I also know that market research isn’t always people’s first stop on the creating-a-business train.

It can feel like extra fluff that’s too time consuming. Or, like too expensive an undertaking, too expensive for a solopreneur, at least.

To that, I say:

It can be easy.

It can be informal.

And even by starting at easy and informal, it will benefit your business.

Stay tuned,

Julie

With a master’s degree in economics and 20+ years’ experience in market research and business planning, I decided to use my skills in a new way by creating The Idea Compass. At the heart of this venture is this newsletter and there are some other easy ways to work with me when you are ready:

The Solopreneurs Guide to Platforms & Marketplaces: Looking to run some of your own experiments? Well-established freelancing and product platforms are a great place to run them. On these platforms, you can spend more time honing your offer and less time on the nuts and bolts of marketing. I’ve put together a short resource describing how some of the major platforms out there today work.

But before you do that experimenting, give yourself some clear direction! Check out my recently-published book on Amazon: Wedge: Define Your Niche. Grow Your Business.