We are finally entering spring and you might be thinking that now is a good time to start a fresh new sales campaign, to reignite some past relationships, dust off existing ones and you never know, you may even find some brand spanking new ones along the way! By conducting market research, you can get some opinions from real consumers that will tell you what to expect. (Low-Cost Marketing Research Techniques for Small Businesses.). With the results obtained from the research you can measure your reputation and capability in making gains in the market. There’s a knack to ensuring your business is seen in the right places at the right time. 2. Carrying out a market research before starting a business is very critical. What Are the Advantages of Conducting Market Research? How is Coronavirus Impacting the Mobile App Industry? Since you would have known several needs facing the clienteles, you will set up a very creative and effective advertisement. The team involved in the launch of a new product/service all have their individual perceptions and gut feelings. Happy Creative Limited Copyright © 2018 Socialnomics. Market research helps you identify opportunities in the marketplace. Your email address will not be published. Related: 13 Major Functions of Marketing (With Examples). Market research measures your reputation. You should know what they like/don’t like to hear/see/do. Through market research, you may find all the information you need to decide whether to take action or not. Change ), You are commenting using your Google account. 9. Just ask them! If you treat your market research as an ongoing exercise that you do periodically, you’ll find that you’ll have a lot of data to be able to analyse your customers and establish any particular trends. So here are my top 10 benefits of market research: 1. So here are my top 10 benefits of market research: Once you have your research results, you should have enough ammunition to formulate the most effective way to communicate to your customers. All lending decisions are determined by the lender and we do not guarantee approval, rates or terms for any lender or loan program. Lack of proper facts will culminate in poor or wrong decisions. It helps gain a new angle, hopefully a compromise in just how you are going to go about a new launch, a new brand or a brand repositioning. It can be security, a fast and tasty meal or the assurance of top technology. Before planning, you need well defined goals that the business is meant to achieve. Integration between Company and Consumer Interests, 7. However, the research will have unveiled to you the need of those prospective customers. The power of information is outstanding when it comes to market research. Product Orientation and Consumer Orientation – Explained. Marketing research uncovers facts and information from both outside and within the company relevant to marketing decisions and provides a sustainable and logical foundation for. Market research helps you identify opportunities in the marketplace. Market research can find that compromise. The research will give you a better understanding of the market. There are possibilities you will make profits or losses. Ok. Say you have an insight of what your target audience’s wants and needs are. Bonus: 14 Importance of Marketing in the Modern World (Update). Your email address will not be published. A marketing company may assess its real image with the help of marketing research. 8 Ways Banking and Financial Services Can Improve Customer Experience Want to keep your customers loyal? How Pandemic Fueled Unemployment Is Leading to New Interests in Bitcoin, What is The Best Medication for Travel Sickness, Wellness Industry Booming Amidst Coronavirus Outbreak, Social Media Simplified: Useful Browser Extensions Catering to Busy Marketers, Why You Should Improve Your Website’s Mobile Version.