Why Is Market Research Important For Your Business?

By Author: samidhaharinna
Total Articles: 128
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Market research helps one have a successful marketing strategy. Market research is so important for companies that wish to make some informed decisions. Any market research company just cannot help you do this all-important work but a few branded ones with a proven track record.



As a manufacturer, you must ensure your products and services are accepted by the consumers favourably. You should know the target audience well. Market research lets one know about one's competitors and other products in the market. The outcome of the market research will tell you the ways to succeed in the market. A firm's sales and marketing strategy depend a lot on market research. There are market research firms that can help you succeed in the marketplace.



The market research companies have qualitative and quantitative techniques to do the research. There is primary research and there is secondary research too. Secondary research is also known as desk research. The desk research job involves reviewing research findings of the past to give ...
... you a broad understanding.



Market research will help you to minimize risk letting you know the features of a product, its pricing and its promotion. All this will be right from the beginning. It helps you to focus on the right area at the right time.



Qualitative and Quantitative Research



The focus of quantitative research is on the numbers generated, what percentage of the target audience buys a specific product. Quantitative research is done by conducting surveys and questionnaires. One can do quantitative research oneself talking to the customers. This quantitative research can be done more elaborately where markets are identified and customer profile is known. It is done while launching a product while delineating it.



Qualitative research centres around the facts and figures to find out people's thoughts and feelings about products. It is to know what influences their purchase decisions. In this research, surveys and focus groups are used to get the information. It is analyzed and interpreted later, and that requires certain skills.



Secondary surveys can be conducted utilizing existing surveys and reports on business. You can use the information available on the net. Like the market size, trends of sales, the profile of customers and the activity of competitors.



The Importance of market research for customer insight



If you have customer records, it can provide you with information that is quite valuable like purchase trends, sales in demographic segments, and so on. Market research can give you important inputs on the ongoing trends and how to anticipate the changes in the market. It helps you know about new products and selects the target market.



You can plan your strategy if you do market research. Even a well-established company needs to be in touch with its customers. The insights repository is a part of market research and the repository can get you a quick and efficient peak into the matter.