Just the phrase market research can make people feel overwhelmed, by understanding what it is and why it’s important you can be relieved of those tensions. I think most people get confused, by not understanding that there is a difference in market research and marketing research, let me explain.
Communication Driver: It drives your communication with current customers and target prospects.
Identifies Opportunity: Market research will show you where the opportunities are and help you identify not only the high-level opportunities but will also assist in showing you the more immediate “low hanging fruit” opportunities.
Lowers Risk: Detailed data can help you in lowering risk. It shows you where the opportunities that will produce results are and keeps you focused and voiding the “squirrel syndrome” when it comes to your marketing.
Improved communications between the company and its target customers through accurate understanding of customer needs and meeting them effectively, leading to enhanced customer satisfaction.
Minimized risk through precise analysis of the customer’s exact demands and developing perfectly matching products and services, thus reducing errors and failures.
Measuring business success through analysis of the research data and evaluation of business progress and growth. Even possible pitfalls and solutions can be gauged.
Successful businesses worldwide periodically conduct market research in order to stay tuned to changing market trends and to retain their competitive edge. Whether your business is in a start-up stage or in an expansion phase, market research is vital for understanding the critical characteristics of your target market to increase sales revenue, profit, ROI and overall business success.