Market research is simply an organized and planned mission to get information about your target markets behavior towards a product or a service.
Businesses conduct market research to find if their product/service has an opportunity to thrive in that season, it helps them understand consumer behavior towards the market, it also gives them an insight about their competitors.
Individuals also conduct personal market research according to their needs.
Take for instance John wants to start a new career, he starts to make research of all it would take to achieve the career, the school he would go, his tuition fee and a lot of other things just so that he knows what he is about, “to avoid walking in the dark”.
Market research is a planned process informs and educates a business towards achieving success as it requires the business owner to be aware of the market trends at the season, who the target audience are, who are your competitors and the do’s and don’ts to avoid in the market.
Makes research helps your business save a lot of resources and helps you make profits easily. If your market research is done well, your market penetration would be very easy and it would seem that the market was waiting and is ready for your business.
A Market Research Analyst are professionals who are responsible for penetration the market to gather and analyze information, to know what is new in the market and what the market is ready to take.
They ensure that the information that they have are qualitative and quantitative to give your business the require results it needs.
5 Importance Of Market Research To A Business Success
1. It Assists The Marketing Strategy Of A Business And Makes Selling Easier And More Effective:
Marketing research gears your marketing strategy plan towards the right angle.
The data that was gotten from your market research would inform how your marketing strategy on how to advertise and sell your product, the platforms your target market use and who your competitors are.
Market research makes drawing a marketing strategy very easy and efficiently done, also selling would be easy to do as the business would not be involved in a trial error situation.
2. It Helps The Business To Make Informed And Detailed Decision:
John visits the market to get some provisions, he spots a shoe vendor and noticed how the shoe vendor has a lot of customers gathered around him.
This happened over a period of time as he makes sure he takes through the shoe vendors shop. This makes John feel that there is a lot of profit to be made from the shoe business being that he sees that the shoe vendor has a lot of customers than he can handle.
Now, if John does not conduct a well organized market research, the business he is about to start up would fail before he starts.
He would be doing everything under assumptions excepts he conducts his own research to find out why the other person has so many customers and what are the chances that he would succeed in the shoe business.
Every business needs informed and detailed information before they start up for the business to succeed, market research ensures a high rate of success for every business as it would give your business every information needed to grow at every step of the way.
Every business needs information to structure its growth.
3. It Keeps The Business In A Better Position With Trends:
Any phone technology business that wants to launch a product, then they a 2g or a 3g phone are already set to fail. As at present in the market the trends are 4g and 5g, nobody would want anything lower.
Market research is important as it informs your business of the current trends in the market.
Whatever kind of business it is, as a business owner you do not want to start a new business, rebrand a product or launch a new product following old trends. As these would mean a waste of resources except in very rare cases.
4. It Aids The Business In Identifying Its Target Market:
Market research is important as it aids
the business in identifying its target market.
The target market are the individuals who would be interested in purchasing the product or service. Market research is important to know the right people to advertise, sell and market your product or services to.
As a poultry owner, you can’t target your products to vegetarians as these would mean no sales as there would be vaguely any sort of interest.
Market research helps your business to identify the right audience, what your audience would like and how they would like it, what makes them repeat customers.
Market research brings the business closer to its customers and helps them afford a cordial relationship. The people are the success of every business, if your business doesn’t get the right customers it would not yield its best.
5. It Keeps The Business One Step Ahead Of Its Competitors:
As a business owner one of the things that gives you an advantage is being a step ahead of your competition.
Market research helps you know what your competitors are doing that you should not do and also what they do that you should it extra.
It gives you detailed information of how they operate so that you would structure it to suit your brand and use it to your advantage.
Market research keeps you ahead of your competition and helps you beat them squarely as you are already aware of the strategies they use.
One other reason market research is important to the success of any business is that it makes the business owner more informed of the venture they are about to take, giving all the information needed per time and avoiding wild guesses.
This helps the business owner to be effective and speaks success for the business.
Here are some tools that are used to conduct a market research.
Market Data Websites
Market research is important to your business success as it would help in the drafting of your business plan, marketing plan, business setup, employees setup, financial aspect of the business, business infrastructure.
Some of this comes up when it’s a new business and some for rebranding and product launch. In all a market research ensures the success of a business.