Market research will help you develop a successful marketing strategy. It is one of the reasons why market research is so important for organizations who want to make informed decisions. This article will highlight the relevance of market research and why you should be doing it constantly.
For your products and services to be well-accepted by the consumers, you must know the choices and preferences of your target audience. Market research provides you with the essential information about your competitors and existing products. The results offer you insights into what it would take to succeed in the market. Hence, organizations base their business decisions such as sales and marketing strategy on good market research.
Market research helps reduce risk by allowing you to determine product features, pricing and promotions from the outset. It also helps you focus resources where they will be most effective.
There are two main types of market research: quantitative and qualitative research.
Quantitative research focuses on generating numbers, for example, what percentage of the population buys a specific product. It is conducted using surveys and questionnaires. You can do simple quantitative research yourself by talking to customers. More detailed quantitative research can be used to identify markets and understand customer profiles while launching a new product.
Qualitative research relies on facts and figures to discover what people think and feel about products and what factors affect their purchasing decisions. Researchers use surveys and focus groups to gather this information, while interpreting the results is a job that requires certain skills.
To learn more about the differences and characteristics of these types of research, we recommend reading Quantitative vs Qualitative research
You can also conduct a secondary research using existing surveys and business reports. Use the free information available online on market size, sales trends, customer profiles and competitor activity.
Your customer records can provide a wealth of information, such as purchasing trends, most selling services in different demographic segments, etc. Market research can help you assess key trends to anticipate how the market may change. It is a vital step in identifying new market segments, developing new products and choosing your target market.
Market research done well helps you plan your strategy. Even if you are an established company, you need to keep in touch with your customers’ needs, as well as with market trends and your competitors. By using an insights repository as part of your market research process, you can get quicker, faster and efficient research insights that matter.
Market research can also measure the effectiveness of your own marketing. You can find out how well people know about your products and services. The results can give you ideas about effective packaging and advertising to generate more brand awareness.
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