reasons to carry out market research

joly5555

Market research is a process of collecting, analyzing and interpreting data, with the purpose of defining a target audience or competitors, understanding industry demand, identifying opportunities, forecasting product launches, etc.THE FREE PDF NOW Name Email You can combine qualitative market research techniques with quantitative techniques to obtain more refined data that ensures more assertive decision making. How important is market research? Market research is important because it has the main function of ensuring well-founded decision-making, eliminating guesswork and channeling resources towards ideas and projects that have potential. Other functions of market research that make it so important for any business are: Estimate the potential market for a new product to be introduced into the market; Discover consumer reactions to an existing product; Understand general market conditions and trends; Identify the reasons for the failure of a product; Discover the best methods of distributing products to consumers; Know the types of consumers who buy a product and their reasons for buying it, in order to know their opinions about the product and obtain suggestions for improvement; Determine the viability of a business; Assess the strength and weaknesses of competitors; Consider the efficiency of a marketing action; Assess a company's likely sales volume.

10 reasons to carry out market research 1. Minimize risks Starting a Colombia Mobile Number List company is a big risk, it all depends on consumer acceptance of the products. Keeping a business on track is also difficult, as is continuing to grow and keeping up with industry growth and adapting to demand. Market research predicts the future, interprets the present and corrects the past of a business' trajectory, minimizing risk and helping to establish companies with the potential for high profits. It allows you to examine each market factor and predict what's coming, preparing you for industry and consumer needs in advance. 2. Understand customers Customers within a given target audience behave differently and this affects the growth and profitability of a business. It's good to know what customers like and what products they reject. The more you know about your customers, the easier it will be to meet their needs and target them with the right messages. 3. Sell the right product People look for new things as they adapt to the market and companies study new products and services to meet these needs. The market changes all the time and being aware of changes requires research. With market research, you can assess demand and offer the target audience what they are looking for. 4. Face the competition Among the advantages of market research is the opportunity to get to know your competitors well and understand their strengths and weaknesses. This will give you an idea of ​​how to deal with them.



Measure your reputation Market research not only provides information about the market and its potential, but also about your reputation and insertion in it. With it, you can evaluate the strategies that were implemented to manage your business, changing and optimizing what doesn't work, while enhancing what has a positive effect on the market. 6. Be exclusive Due to a lack of market knowledge, some companies duplicate their competitors' strategies and this makes customers not trust them. Market research allows you to develop exclusive strategies that guarantee the trust and professional responsibility of your business, providing the security that the consumer needs to become your client. 7. Get closer to your customers Surveys foster communication between you and your customers. Consumers like to be heard because they have the feeling that you care about them and that makes them feel special. Building relationships with consumers is important for customer loyalty and makes it easier to collect the feedback you need to make business decisions. Furthermore, this proximity ensures that they contact the company directly if they are dissatisfied, avoiding negative publicity across the internet. 8. Effective advertising The purpose of advertising is to create a need within a market for people to obtain your product. With market research, you will learn about various needs that consumers face and create very creative and effective advertising.