One of the most common mistakes a startup business makes is to forget about the importance of market research to their company. They consider it as “unnecessary,” a “waste of time,” and even “costly”.
Even though it can take a certain amount of time and money from your business, doing market research will eventually benefit your company’s reputation and overall performance in selling your products or services.
For people who don't have much idea about the importance of market research, we're here help you. If you’re not that familiar with this type of service, let us introduce Market Research to you.
Asking potential customers how they feel about the product or service that you offer is market research. Conducting a customer survey is market research. Gathering information and insights from an online article, research publication, or local newspaper is also market research.
Any process where you systematically gather data from your target market or consumer - whether an individual or a company - analyzing their wants, needs, and preference, is Market Research.
Afterward, results are analyzed and collected in a report. These reports would show the feasibility of a product or service that you produce and its effectiveness to the target market.
Moreover, market research can help you make innovative ideas, develop better strategies, and discover valuable operations you can use in your business.
For instance, market research can also work to adapt to what’s trending.
Let’s say you run a pastry shop. But thanks to your marketing research technique, you were able to discover that people in Melrose love some fish and chips. A few days later, you add this to your store’s menu. What do you think would be the result of this change?
Market research is truly a necessary service for your company to run smoothly, efficiently, and effectively. More than these facts, here are other benefits market research can bring to your business
There are several types of market research classified depending on where it focuses. But based on the analysis of data, the following types are as follows:
Before conducting market research processes, identify your business's existing problem and determine the specific approach you need to resolve it.
Now, let's talk about the two primary methodologies used in market research.
A methodology that gathers insights and data directly from the target audience. This could either be qualitative research (investigative approach) or quantitative research (scientific approach).
Examples are focus groups, customer surveys, interviews, and ethnographic research.
Secondary market research is another type of marketing research methodology that collects data from using third-party sources gathered by other people or organizations.
Some of these sources are educational institutions, publications, and commercial sources.
Market research is truly a gem to increase the sales and business growth of your company. To to prove the importance of market research, the following opportunities will show you why:
When starting a business, spending time and other marketing research resources is probably the last marketing strategy on your mind. Sometimes, we might just want to produce and sell a product or a service right away. But that alone is not enough.
The process in order to conduct market research is essential in ensuring customer satisfaction, especially for new business who enters the most critical stage of marketing.
Since day one, the relevant information about market research has been everywhere. Starting from your existing customers, important mediums, competitors, other companies, and even down to the internet.
Market research would help you grab this information and apply the necessary steps, improvements, and changes for your business.
But the question is, can we help you? There's no reason to believe otherwise. Appointment Setting UK has helped consumers and businesses connect with the best market research companies in the United Kingdom.
We partnered with several marketing companies in the country, offering B2C and B2B marketing services. We're confident we can help you find the right one to outsource your market research to.
Reach out to us by answering our simple test, or you may call our customer service team at 020-80599450 for any questions you might have about our business services.