When it comes to the success of any business, marketing research is critical to stay update on the business environment.
Marketing research gives us a close insight into the exact needs and wants of our customers. Marketing research therefore gives business managers and owners the opportunity to study and survey which of their products and services are worth having on (or bringing to) the market and which are not viable.
The information and data collected from your research activities will help the business to plan out future innovations in more detail while also allowing you to stay ahead of your competitors. By receiving feedback, you will be able to determine which features of your products and/or services your customers like and what they don’t.
Depending on the industry, marketing research needs will vary drastically. Contrary to popular belief, market research does not have to break the bank. In 2016, there are now hundreds of different DIY methods available at a fraction of the cost. However, for large scale, in-depth market research, the market research industry is awash with highly skilled, trained professionals that can help you carry out and collate data.
Though the majority of business professionals are aware of the importance of marketing research, yet thousands of businesses close each year due to a lack of (or no) market research. Whether you’re starting out with a new business venture or you’re simply expanding your current business operations, it is vital that you keep marketing strategies within your ongoing key business strategies.
The team at Surveygoo have created an infographic below that highlights why market research is so important for business owners while also detailing how market research can help grow your business in the future. Let’s check it out below!
Marketing Research infographic
Has market research helped your business? Let us know in the comment section below!