Market research and its importance for businesses

Most of the new businesses today, try to dismiss the overall concept of market research. Many of them think that spending hours and days on market research just for selling a product or service is not that important. So, such businesses directly jump into the game of selling without even understanding the market properly. For grabbing a potential area in the market, market research is the only tool that can help new businesses as well as the old ones. It is most important for the small-sized businesses where the first 5-6 months can turn out to be precarious. The small and new businesses require customers and sales as soon as possible. Market research is the tool in digital marketing that can help in gathering more customers and sales for you. According to a recent study, 48% of the new businesses are opting for market research for grabbing their individual markets.

Market research and surveying

Survey was the term that was used much before market research came into the picture. There was a time when new businesses used to run behind their potential customers for filling out the survey forms. Gone are those days now. In the digital marketing world, the picture of surveying has completely changed. People now turn towards social media platforms and websites for researching about their potential customers.

According to a recent survey from Forbes, businesses that conducted extensive market research on social media had a growth rate of 20% than the ones which didn’t use market research. The companies which do not use market research had an average growth rate of 15% only.

From the above data, it can be stated that company A was the one which opted for market research and company B didn’t opt for market research.

Market research and consumers

“Market research aims at understanding the reasons your consumers will buy your product or use your service”.

Market research studies each and every element which is required for your company growth such as behavior of your consumers, personal factors, market trend etc. The basic things that market research will answer are Who, Why, What and How.

Market research and setting up your business goals

“The best vision for your vision is insight”.

Without market research, you won’t be able to set up goals for your business. You want to double up your sales, but is it possible without getting to know the size of your target market? No, it is not. With proper market research, you can set up your goals along with the growth plans that you need.

Advertisements