Today, in the 21st century, market research holds the Holy Grail in making a brand successful or failure.
With the passage of monopoly and advancement of technology, the concept of “market research” has become vital for business houses.
And, this is the reason why leading companies like IBM, Microsoft, Volkswagen, etc., spend thousands of dollars every year on market research.
There is not just one reason that shows the importance of Market Research but plenty of them.
The following 5 points will summarize the need and value of market research:
To know what you’re going to do
It sounds very generic. But, it’s the first thing that exhibits the significance of conducting market research. Shooting in the dark, you may hit the target once but nor every time. This means it’s necessary to jump into the market and understand every aspect in and out.
Pat Keogh, the chief executive officer of Arema Connect, claims, “Market Research plays a crucial role in almost every aspect of the business decision, whether it’s about sourcing new suppliers, developing the product range and service, or researching new global markets and potential new client base.”
Marker research clears countless doubts and gives the first-hand approach to move forward with your business. In other words, you will receive market information and data in volumes that help you analyze your strengths, weaknesses, risks, and opportunities.
Better insights on target customers
The target audience can be currently loyal or potential customers. Market research can solve queries related to possible customer identification, such as age, gender, location, etc. Also, in-depth analysis of loyal customers will clear ways on what more your business needs and make better products to retain them.
Interestingly, the CEO of Target Retail Store, Brain Cornel had to go out to visit the company’s stores to know about the customers. That much important it is to know your customers.
Customer behaviour pattern
This point is an extension of the point above. It’s advanced research that will offer a substantial depth of requirements by customers. There are plenty of software tools like Google Analytics, Hadoop, and Big Data that can help you understand the behavioural pattern of customers. And once this pattern is traced, improved and customized products can be shaped for the target customers.
Asheet Makhija, country leader-information of IBM India and South Asia, says, “E-commerce companies either hire a market research agency or use online research tools in two different ways: first, for analyzing the past behaviour of customers to find patterns, and second is a real-time analysis that works when the customer is shopping online.
Analysis of competitor
Renowned philosopher Sun Tzu once said, “Know your foe and know yourself; in a hundred battles, you will never be defeated.” Since there is no such thing as the monopoly, every business, small or big, has to face fierce competition. Hence, have some research on your competition, and you can unlock strategies to squeeze the growth of your game and run ahead of time.
More importantly, it will always allow your brand to revamp and keep improving the quality of your services and products.
Foster better decision making
With all refined information and knowledge, it will be easy for you to make healthy decisions. From marketing and finance to procurement, every aspect of business can be garnered timely. Also, it can bring faster conclusions with guaranteed results.
There 5 points are feeble to justify a gamut of advantages a through market research can offer your company.
Contact us for any research reports catering to your needs!