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The importance of good market research

charttwo30340387.JPGIf you create a product without a specific audience in mind, how well do you think it will do when it is launched? Market research is learning about your audience before you develop a product. It also entails learning about your competition before you develop and launch a product. Marketing is a competitive world and it takes time to learn it. New business owners have felt the sting of failure and the thrill of success with marketing strategies. A marketing strategy is constantly changing and adjusting to the needs of the target audience, the geography, and the demographics of your customers. How can you collect market research? Here are a few of the common tools you can use:

  • Surveys
  • Internet research
  • Literature research
  • In-store questionnaires
There are other techniques you can use to collect information about your industry and you can learn about the different trends in your industry as well. The goal of market research is to collect all of this data plus the information about your customer's individual preferences. The larger industries normally have professional organizations that collect all this information and publish research studies. You may need to pay to get the information, but it is far easier than trying to collect it all on your own.

Good market research will help your company figure out the different wants and needs of your customers. Some customers do not hesitate to spend money or pay more for a particular brand while others will flinch if you raise the price. Market research can help you understand how to set the price in an area that is comfortable for your customers and provides enough money for you to be profitable.

Another reason why you need to do market research is to figure out if you even have an audience. Quite often businesses assume that customers will come flocking in from all corners to purchase their product and they are disappointed when they are unable to sell it. Market research can help you avoid this because it will clearly show you exactly what your customers want and what would work well for their needs. Essentially you are putting your customers in charge of product development. Since the customer is guaranteed income for this particular product, it's a win-win situation. Market research often provides companies with great information about their current products. Customers will be able to provide you with feedback as to how they feel about your existing products and you can make small changes to them to warrant larger sales.

Most companies engage in market research to understand their competition. If you already have an idea in mind for a new product, you can check your competitor's web sites to discover if they have a similar product or service. If they already have it, you can figure out a way to make yours different and unique. This is a great way to help you figure out if you have what it takes to compete with larger companies.

Market research is all about putting in some time to figure out if you have good ideas. Why would you create a product that no one wants? If you didn't know this before, you can lose out on millions of dollars. By spending a little time on market research, you will save yourself a ton of money and provide a great service to your customers. The hard part about market research may be tossing an idea out the window or setting it on the back burner. Since you are figuring out what your customers want, you need to have a thick skin to listen to their existing complaints. This will help you prepare for future success.

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Categories: Market Research, Strategy,

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Posted by DF
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