Market research is the process of determining the viability of a new service or product through research conducted directly with potential customers. 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.
Market research can also play an important role in the process of developing your products and services, bringing them to the marketplace, and marketing them to consumers. Here are a few ways that market research can help inform your business strategy:
- It can give you an accurate view of your business and your marketplace. For example, you can see how you are perceived in comparison to your competitors, and evaluate what your competitors are doing to attract customers.
- It can help you determine who and where your customers are, and which customers are most likely to do business with you. (In fact, for customers who indicate that they don’t want to do business with you, market research is your opportunity to ask them “why not?”.)
- It can reveal how customers and prospects view your existing business and products, and show you if you are or are not meeting your customers’ needs. It’s even possible you may uncover some opinions about your business and/or products that you weren’t aware of.
- It can help you decide whether a new idea for a business or product will fly – that is, if customers will find it appealing – based on how similar products have performed in the marketplace.
- It can help you make wise product packaging and promotional decisions, as well as effective marketing messages
For many businesses, market research is a key component in developing marketing strategy by providing a fact-based foundation for estimating sales and profitability. In fact, it can make the difference between making wise decisions that drive business forward and poor decisions that can damage your business.
No idea where to start from with your market research? DNK has helped many businesses just like yours to conduct effective market research that has produced outstanding results for them. Call 0979961647 to get started today.