Why Market Research is a must for your business, no matter the size…
Importance of market research to business.
If you were at a business seminar and one of the guest speakers asked, “Who wants to experience business success?” chances are you would probably be raising both of your hands up in affirmation.
If the next question, was “How often do you use market research?” chances are that you would be looking around the room for someone else to lift their hand.
Almost every company utilizes some form of marketing, however they skip the most critical part. Market research.
Dan Zarella an award winning marketing scientist and author of The Science of Marketing once said that “Marketing without data is like driving with your eyes closed.” What market research does is answer the basic questions related to your consumers and market. It aims to understand the reasons consumers will buy your products (or the competitors’ products) in your targeted market.
It studies such things as consumer behavior, including how cultural, societal and personal factors influence that behavior.
Market research tries to answer the basic questions;
Who are your customers?
Market research tries to establish the age, occupation, income, lifestyle, educational attainment, etc. of your targeted market.
What do they buy now?
If you want to be in the know-how of your customers, you have to learn their purchasing habits. You can access information that’s available on your targeted markets on sales figures and consumer buying motivations through market research. Accessing this information will ensure a higher success rate of your business and decrease the odds of making a bad investment.
Why do they buy?
Your why should be the predominant factor that drives your business. It should be your greatest motivation. It may be directly related to your products or services. The goal is to equip yourself with the information you need to make informed business decisions, innovations, and growth. Savvy business – oriented individuals leverage on market research to outmaneuver their competitors and make solid decisions to solidify their brand.
We have seen businesses turn around and literally make billions of shillings just by leveraging on the feedback from market research.
We cannot over-emphasize the importance of market research to business.
Want to know what market research can do for your business? Call us today and speak to a Research Expert.