Market research is one of the most effective ways to gain insight into your customer base, competitors, and the overall market. It can tell you how your company is perceived by the target customers and clients you want to reach. Market research can also play an important role in the process of developing your products and services.
Some Reasons why we need market research:
- Identify New customers: In order to identify potential new customers, you must first understand who your customers are. In order to identify potential new customers, you must first understand who your customers are
- Who will use your product or service?
- What is the age range of your customers?
- What is their income level, marital status and geographical location?
- Get to know your existing customers :Similar to the above point, you should also take the time to understand who your existing customers are. Understanding how your existing customers use your products as well as what challenges your products solve will help businesses improve their products as well as identify upsell opportunities with existing customers
- Set targets for your business ;Now that you are armed with information about your target customers and existing customers, you can use this data to set achievable and realistic goals for continuous improvement and business growth
- Develop new effective strategies :Data from market research will help you to make more informed decisions. For example, relating to pricing, distribution channels, marketing mediums, or to identify opportunities to introduce a new product or service. These results will also help you to make more informed decisions about your existing operations and activities
- Solove your business challenges ;If you have already identified a problem in your business, conducting market research will help you determine the source of the issue. For example, you can determine if a new competitor has entered the market or if brand awareness has fallen short, causing a decrease in sales. There are several types of market research that can help you identify different shortcomings: brand research, consumer research, product development and usability testing, consumer research, and many other areas.
