7 Reasons Why Market Research Matters To A Business

Developing great business ideas is an exhilarating process just thinking about the possibilities. It is easy to go ahead and sell products, without doing the due diligence of market research. For any business, diminishing the value of market research is dangerous and we will explain why.Market research provides critical information about your market and your business landscape. It can tell you how your company is perceived by the target customers and clients you want to reach. It can help you understand how to connect with them, show how you stack up against the competition, and inform how you plan your next steps.Market research allows a company to discover the target market and get opinions and other feedback from consumers about their interest in the product or service, as well as an insight into the competition.Here are 7 reasons why you should consider marketing analysis for your business Why Does Market Research Matter

1. Create Relevant Marketing Materials

More often than not, businesses will place advertisements and distribute marketing material without taking into account their customer’s voices.There is a difference between speaking to customers and thinking that you are communicating with customers.Have you ever wondered what marketing materials create to drive sensation? With thorough marketing research, you see your target consumer voices and concerns.Grasping this, formulating promotional materials and a consistent comprehensive content calendar that communicates, delights and inspires action will be a walk in the park.

2. Improve your customer service

Businesses that listen to their customers, retain and acquire clients faster. Businesses that retain their clients, lower their costs and can improve profits from 5%-95% according to Harvard Business Review.Fortunately, market research can provide strategic insights and improve your customer relations to bolster retention methods and profitability.

• Identify Dissatisfied Customers- The first step in exceeding your customers’ expectations is to know those expectations. More than ever customers are vocal about their experiences. Reading reviews, speaking to customers directly and addressing their pain points is an incredible place to address their pains and provide solutions.
• Track customer satisfaction across multiple channels

Once you have assessed your target customer and the overall market, dig in deeper to analyze any data your organization may have accumulated that will help you evaluate the quality of customer relations.For instance, can customers easily find what they need on your website? Are they able to resolve customer service issues efficiently via phone or email? How would they rate their shopping experience? Market research can also help you establish baseline measurements to provide context for your findings.

• Refine Operations Over-time

Market research guarantees that you stay on top of trends and avoid common pitfalls. Paying attention to what clients are saying will help you evolve and accommodate their needs by expanding service and products range, retaining a loyal customer base and acquiring new clientele through word of mouth marketing.

3. Lower Business Risks

Managing business risks is essential for any business, especially during tumultuous economic times. One way of protecting your business is by conducting market research to forecast market fluctuations, avoid costly mistakes and create an environment for success.

• Finding the right approach

Not all data is created equal. How you conduct market research matters, if you get the wrong information, it could damage your business. Finding a reliable source of market research to get the right information guides your decision-making process and confirms your bias.Assess factors like market size, technology shifts and regulatory hurdles, find out if the industry experts express a consensus or if there are mixed signals.

4. Know Where to Advertise

“50% of every advertising spend is wasted, the problem is I do not know which half.”John Wanamaker. The mass retailer, John Wanamaker was concerned that his marketing efforts were not creating the value he expected. Averting this danger, focus advertising efforts on the people that matter-your high-value prospects. Having understood customer behaviors and motivations, place advertisements in channels with high reach in the micro-moments that drive value.

5. Easy Decision making

Using metrics, facts and data to align your business goals and initiatives is key to any organization. In the wake of the global COVID-19 pandemic and recent market changes, you need to be able to adapt to the landscape fast. Proven data gives you a better scope at prioritizing what truly matters for you and the business operations.

6. Outsell your competition

Competitive analysis is a vital aspect of any business. Performing a regular competitive analysis drives perspective into understanding your competition; business model and strategy. Fitting in pieces of the puzzle to improve your strengths and weaknesses, will give you an upper hand to top their unique values and to present yourself as a better alternative what is not to like?

7. Relevant and Future Focused

You may be familiar with the phrase “evolve or die.” This can certainly apply to businesses and brands, as well as individuals. Conducting regular market research helps ensure that your brand stands the test of time, looking past short-term gain and evolving as necessary to survive and prosper.In the modern global market, marketing research is not only useful but essential. Put it at the top of your marketing to-do list. Trust us, you’ll be glad you did.