Marketing is the most important aspect of any business. Only an effective marketing plan or strategy will help to take your business to new heights. To make sure you have the right strategy or plan in place, business owners must consider the opinions of their consumers first. The process of collecting varied opinions and gathering information about the services offered by a specific company using different techniques is referred to as ‘Market Research’. The information thus gathered helps in creating new methods, products and lucrative business decisions.
Types of Market Research
Most of the companies gather information about their services using focus groups or consumer surveys. Their views about the services, like which part of the service they feel is appealing, why they prefer your services over the competitors, what can be done to improve their services and what more do they expect from the business etc., will help the business to perform exceptionally well. Every intelligent marketer who wishes to see his business on the verges of success will definitely agree with the fact that market research is an important part of your business strategy.
Let us get into the “how” factor now. Researches are of two types – primary and secondary. The primary refers to the data you generate yourself about the services and products offered by you, to check out the reaction of the potential market, whereas the secondary points towards the information that already exists. It can be anything such as census, demographic data or the industry trends. Other secondary sources include internet, trade associations, published articles and financial data of the companies.
Why is Market Research important?
A few of the many reasons why market research is important for businesses:
It helps in Better Communication with Your Customers
Consumers always have a higher hand when it comes to doing business. In order to have them connected closely to your business, you must communicate clearly. Try to meet or exceed their expectations consistently to stay in their good books. Show them you care for them by communicating your concern and accepting their suggestions.
Market Research helps you Identify Growth Opportunities
Though businesses want to grow, they are not sure of the path they are expected to follow. In order to stay focused and gain more revenue, the marketers must prioritize the opportunities that bring in more revenue. It also helps your business if you identify the attitude of the consumers and acknowledge the fields where your R&D techniques or your sales figures need to be enhanced/developed.
Remember – if you are not keeping up with the trends as expected by the consumers, someone else might do.
Minimize the Risk by using Market Research
Market research helps all businesses to promote or improve upon a new product. The better way to do it, is to know what the consumers NEED, so that you can be sure that the product launched is as per the consumers’ expectations.
That is the road to profits – customer satisfaction!
The Five Basic Marketing Objectives
1. Market research, as a business tool, can be used by a wide array of users. Take a look at a couple of marketing objectives that is followed by a majority of successful businesses.
2. Brand Positioning – When we say brand positioning we mean, by using market research your business can get to know its position in the market,, and where it stands as compared to its competitors.
3. Understanding the Target Market – Market research will help you to spot the right target and the best market for your services. This information will help you to create successful marketing campaigns and drive the consumers to make happy-buy decisions.
Isn’t that what your business is all about – great value and great sales?
4. Enhanced Communication and Influential Innovation – The message communicated to the audience must fit into their conviction. Market research helps all innovative businesses to focus on the target, test concepts and create better opportunities in the market. It also helps in identifying the desires, requirements and needs of the consumers in a better way.
5. Facing the Competition – The market is filled with similar businesses. To cope up with the cut-throat competition, you have to stand apart from your business rivals. Using the information collected from intensive market research and relevant strategies can add loads of value to your services and make your products a class apart.