We’ve all seen the best business brands with best products fall flat at the market. They fail. Do you know why they fail?
Most fail to answer this simple question. It’s a matter of market research. Most companies who fail to jump the steps and go straight into designing the product without properly researching the market and the industry they are operating in.
Inadequate market research on how it functions and what products work, what don’t, what works on a low price and what works on a premium price is all the questions that are needed to be answered before launching a product or services. But many fail to realise this.
The consequence is lost market share, dignity and money. Just because they skipped one tiny step called Market research.
So, Why Is Market Research So Important?
To put it briefly, Market research benefits us with detailed information about the market, the competitors and the customers.
It gives you a reference point to start with.
It tells you about customers’ preferences, the latest market trends, consumer buying patterns, economic shifts, and demographics.
Once you have analysed this information, you can make an informed decision about designing, development, promotion and sales of your product or service.
Moreover, the reality is that market research is there to tell us something, and there’s only so much pleasure we can take without getting research and analysis done.
Consequently, Some hit and trials may work. But that isn’t going to make do always.
It holds incredible value and significance and should definitely utilise all these market research benefits to grow immensely in your business.
Market Research Gives You a Benefit of Understanding Your Customers
Ultimately you do it all for your customers. But what happens if you can’t find those relevant customers? You lose time, money and credibility.
Which is where market research comes in handy.
Through adequate and detailed market research and analysis, a brand can get insights and information about their target customers age, gender, demographics, preferences and put offs.
Market Research gives you answers to the following query
Your target customers
Primary buyers of your products
The ideal clients of your services
Their personality traits
How often do they engage in buying?
What buying behaviours do they exhibit?
What are their expectations of the brand?
Market research will answer all of these questions for you in a systematic, detailed and thorough manner. It will carve out your potential customers and target audience map for you and you’ll gain incredible insights and information to plan out your next steps.
Customers are who you do this for, and Market Research helps you understand them better.
Market Research Benefits You In Goal Setting
Goal setting is the backbone of a business. When business owners are in the process of setting goals for their business, they often fail to look at the bigger picture and are merely focused on increasing monetary sales or boost customers.
But marketing and creating a brand name and experience is more than these short term goals. Without proper planning and research, a business which is doing well in the short term will eventually die down in the long term.
This is where market research steps in to help the business and brands. When you give your inputs to set grounds for market research, market research benefits you with real-time and in-depth data which is in alignment with your goals and vision.
Without market research, you won’t be able to know whether your goal is realistic, achievable and measurable.
You’ll also have more information on how to go about achieving the goals you’ve set so that you benefit the most out of it.
Helps You Know Your Competitors
The digital market is vast and crowded with competitors. Each of them is striving, just like you to put their best foot forward and come on top.
Which is why it’s important for you to always know who your competitors are and what they are up to.
When you are aware of your competitors and what they are offering, you can modify and adjust your marketing plans and products and services accordingly.
Well, this is where market research comes in.
Market research collects data about your competitors, who they are and what they are offering to the customers.
This will enable you to design a product or offer a service that will stand apart from that of your competitors and attract customers.
In addition to that, it will also help you with your pricing. You’ll be able to set competitive prices to gain a competitive edge over your competitors.
Moreover, market research will also tell you about your competitors’ weaknesses which you can use to your advantage. Market research will tell you which and why are customers dissatisfied with the competitor’s products and services. You can take advantage of these opportunities and create a win-win situation for you right?
Market Research Benefits In Diluting Business Risk
According to data from the Bureau of Labor Statistics, half of the businesses don’t see the sunshine of their fifth year. That’s because of the myopic vision as mentioned earlier. The focus of these businesses stays more on the short term sales boost and they forget to look at the bigger picture of creating an overall brand value.
For the long term, steady and strong market presence, a brand needs to ensure that it has customer equity, brand equity and a steady stream of sales and revenue.
Doesn’t necessarily have to be high rising or record-breaking.
Consistency is the key here.
And market research provides you with the tools needed for that consistency.
With Regular market research, you’re able to keep a check on Your performance as a whole. You’re able to understand in detail whether you’re able to meet your current and potential customers’ needs and wants and if not, market research analyses the reasons for it.
Market research will benefit you to act on the results of such market research quickly before the customers leave your brand.
With market research, you can also develop an understanding of how your existing product is doing in the market and whether your new product will work or not.
A part of market research involves testing your new products on a tiny group of audience and note their reaction.
This enables you to see if the product will be welcomed by the masses of the audience with a similar set of beliefs.
Market Research Helps In Your Business Growth
At the end of the day, all of these points snowball to one big scenario. Your business growth. That’s what market research helps you with at the end of the day.
Moreover, it helps you understand your customers’ needs, wants and demands, the algorithms detect various business opportunities for you, it helps you plan out your promotional and advertising activities,helps you know and take advantage of your competitors, helps you minimize the risk of doing business to an extent and it helps you achieve your long and short term goals.
By taking care of all of these things and more for your business. Market research opens your business to a plethora of growth opportunities.
Consequently, your business will thrive and get returns on investments if you do your homework and invest well in quality market research.
Moreover, this doesn’t just apply on a short term basis for new businesses but also applies for already established business and brands too. If you want to keep your brand’s market share intact you need market research. And if you want to grow your brands market share.
You need market research because it’s the DNA of any business and runs all the way to the core of the brand.
If your business hasn’t already been benefiting from the pros of market research. It’s time that you add market research in your business’s important tasks and benefit from its various positive points.
It is, in fact, the need of the hour in this quick on its feet, dynamic and highly competitive market environment.
Constant and vigilant real-time data is required to be processed and analysed to arrive at a result for your brand and business needs.
All the solid facts and figures that you need to make an informed decision, market research will provide you with that.
You’ll not be operating on hit and trial method but will be operating in a systematic thought of manner.
Your brand will soar and grow because just like us, for market research, no business is too small and no growth is too big.