Most business owners make the mistake of thinking that they know their market rather than taking the time to actually find out what the market is really about. If a person doesn’t know the market, then your business is heading for a crash – regardless of its size (small, medium, large). Market research is an effective tool that can be used to know your market. It is the process of gathering, analysing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service and the existing competitors (what they have done and what they have failed to do). The goal of market research is to describe the market as it is, describe the market you are entering, the needs that already exist, and the way others have succeeded and failed in the past.
Why should a business owner be interested in doing a market research? For at least the following reasons:
Identify potential new customers; the desire of every business owner is growth and growth can only be archived by identifying and acquiring new customers. To acquire new customers one has to make a market research, this is essential in understanding who your customers might be and what their needs are. It can help you develop a more detailed picture of them and understand how to target them.
Learn more about existing customers; Existing businesses need to keep an eye on evolving needs of their customers because losing existing customers can be just as bad as failing to gain new ones. Market research helps you to understand the challenges, needs and/or wants of existing customers helping you to device a way to keep them happy and satisfied when this is done in the proper way you not only solve those challenges and cater for those needs but you are doing a form of advertising – happy customers mean more customers.
To keep a tab on competitors; Knowing your competitors and what they offer can help make your products, services, and marketing stand out. Market research can help you track your company’s progress and also the growth of your competitors by keeping an eye on what your competitors are doing and assessing their strength and weakness. This can help you devise business strategies that would keep you ahead of them.
To monitor market trends; The old ways may not necessarily be the best ways. The mode of branding, marketing, and technologies used in the market keep evolving and old marketing practices might become obsolete. Keeping track on the market inclination can help you understand the changing market preferences and make adjustment where needed in order to better meet your customers needs and can also help you identify new business opportunities.
Assist business planning; Lack of planning hinders the growth and development of any business. Every business has its goal and objective which can easily be achieved by proper planning and the planning can be effective by having accurate facts about the business. Market research helps in gathering information that can assist in planning.
Assist in managerial decision making; Market research plays a vital role in making suitable decision for proper management of the business. It provides up to date information about customers’ needs and wants, the market situation, technological changes and the extent of competition, thereby assisting the managers of the business to make meaningful decision. Quality decision making based on information gathered from an excellent market research will ensure survival of your company on the market.
You can learn more about the above from us at INCE Consulting Limited, it is our responsibility to be of immediate assistance to any Organization to advise them on how best to manage all their business issues with little or no disruption to their business operations.
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