10 Reasons Why Businesses Should Invest in Market Research
10 Reasons Why Businesses Should Invest in Market Research
Knowledge is power. And as Einstein famously said, information is not knowledge. Market research and survey help you get your hands on precious information and enable you to tease out knowledge from the facts. The success of a business is heavily dependent on how well it understands the changing market trends, the shifting needs of its customers and the impact of its ongoing activities. As a business leader or manager, you need to respond to changes, and you need to ensure that the steps you take are producing desired results.
Just a decade back, only cash-rich organizations were in the condition to conduct pinpointed market researches and surveys. But, over time, it has become possible to conduct reliable and accurate research using the Internet and the humble phone. There are several offshore companies offering reliable and effective research and survey services economical rates. So, no business can excuse the lack of research guiding its effect by pointing a finger of blame at high prices.
Are you using pinpointed surveys and market research to make informed choices? Does your business run on guesstimates, or are your decisions backed by hard data? Here are ten compelling reasons why you should invest in market research.
1. Find out what your Customers Really Want: Do you really know what your customers want? Do you have a mechanism whereby you can predict the shift in the needs of your customers and respond to it? If you are aware of the demographics of your customers and the rationale behind their buying decisions, you can use the information to create products that your customers really need.
2. Discover a New Customers: The success of a product relies deeply on how it is positioned. It is possible that you may be targeting a certain group of users, but your product or services may be of great value to a completely different segment of users. Market research and survey can help you get insights in how your product is viewed, how it is used, and what you can do to attract new customers.
3. Improve Products or Services: Do your customers like your product or services? Or, would they be more than happy to shift to a competitor that offers the same thing at slightly lower rates? Customer surveys can help you identify the positive and negative points of your product. Once you have the hard facts regarding customer perception of your offerings, you can use them to make crucial changes in your products and services.
4. Evaluate Product Acceptance: When you launch a new product or service, it is best to know what the customers feel about the idea. You can use customer surveys before releasing a product to get an idea of what the customers feel about your proposed offerings. If you have already released a product, you can check its impact on the market and check the rate of its acceptance through surveys.
5. Identify Opportunities: There may be needs in the market that you are best suited to fulfil. Exploratory surveys and market research helps you identify ways in which your organization can benefit from the situations and trends in the market.
6. Remove Uncertainty and Risks: At times, when you are investing a lot of money in a new product, process or infrastructure, it is best to have enough information about the options and about the dangers. A few days of market research regarding any critical venture is well worth the cost if it helps you remove uncertainty.
7. Sharpen your Marketing Campaigns: Market research can help you determine what the users want, and who your actual target audience is. This will help you craft effective marketing strategies and get more ROI on your marketing efforts.
8. Enhance Business Processes: Market research can reveal the factors that are hindering your business growth and help you identify areas where you organization perform more efficiently. By identifying that areas where your performance is falling short of expectations, research enables businesses to find way of improving processes.
9. Boost Employee Productivity: Employee surveys and internal research can help you get a clear picture of how your organization is functioning and how your employees feel. The results of the survey supply you with all the information you need to improve employee satisfaction and boost employee productivity.
10. Set Goals and Measure Success : How well is your business doing? What are your goals? How do you set targets for your business? Research can help you arrive at a realistic targets for sales, marketing and business growth.
Do you take decisions in the dark without using any hard data? Or, do you spend too much time gathering information and analyzing it instead of focusing on your core competencies? You can easily get the benefit of market search and survey by hiring offshore professionals to take care of your needs. Remember, market research and survey doesn’t have to be costly – now you can get quality services at affordable rates.
Author Bio – Abhijit Acharya is an associated with accurate-data-entry.com – managing web research, market research provider. I like to write on various topics like web research, Market research, Social Media affiliate.
