Why Is Market Research ImportantWhy is market research important – mainly because it is the foundation of any successful marketing campaign.
One of the most important things market research is used for is to find out what your customers want. If you commence a marketing campaign without knowing what your audience wants, then it is most likely doomed to failure.
If you are serving a wide range of customers (from 100,000’s into millions) you need to ensure that your products/services are positioned right.
The saying ‘the customer is always right’ is one that is used time and time again, and part of market research is to find out what the customer wants so that what you can deliver is right.
The key to a successful relationship is understanding. If your customers feel that you are listening to them and understanding their points, they will stay with you.
As long as they can see that you are implementing the changes that are suggested.
Many companies now do ‘polls’ on their websites.
These are sometimes a little unreliable as they can be forced. However if you have enough data, the results should give a clear indication of what the majority say.
You cannot keep everyone happy (if only) however you can be led by the majority.
The alternative to the ‘poll’ on the website is by using telemarketing to contact prospects and chat through feedback first hand. Just make sure they are GDPR compliant.
Market research examines consumer behaviour and trends in the economy to help a business develop and fine tune its business idea and strategy. It helps a business understand its target market by gathering and analyzing data.
Market research is the process of evaluating the viability of a new service or product through research conducted directly with potential customers. It allows a company to define its target market and get opinions and other feedback from consumers about their interest in a product or service.
Research may be conducted in-house or by a third party that specializes in market research. It can be done through surveys and focus groups, among other ways. Test subjects are usually compensated with product samples or a small stipend for their time.
When a consumer sees an advert for a product that seems perfect for them and rejoices over their luck, but this scenario likely didn’t (and shouldn’t) come down to luck.
Brands make these scenarios possible through strategic market research. Equipped with valuable information about its target market, a brand can develop products and create marketing campaigns that appeal directly to consumers. And the benefits don’t stop there. You can leverage the data obtained through market research to propel your company to success in a variety of ways.
Like any area of marketing, the power is in the planning. Failing to plan is essential planning to fail. There are no guarantees with marketing and market research is about limiting the risk.
Part of lead generation strategies for startups and new companies includes doing some market research of one sort or another. Doing a consumer poll on the flavour of a new ice cream or asking questions to people in the street about a new t-shirt design can be a great way to see if what you think about your product or service is how your customers view it.
Many companies use market research as a way of finding out what their competitors are doing, how they are doing it and how it could be done better.
This could be both for services or products and provides an excellent way of you being able adapt a product/service or launch a new one.
Market research is about planning and is always used in episodes of ‘The Apprentice’ as it is an important part of the marketing mix.
There are different types of market research that they do:
Different market research companies operate in certain industry sectors so it is important to select a market research company that knows your industry and can provide the results you are looking for.
If you would like to compare market research costs from 5 market research companies just fill in the form.
All market research companies in the UK are different. All set their own rates and there are no standard costs to go by.
Comparing market research quotes is not about finding the cheapest marketing agency, but about the ‘right’ one for your company. With marketing, you do not get what you pay for. The most expensive market research company does not make them the best.
Just fill in the form and let us help you find the right market research agency for your business.
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