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Grow your business with Market Research

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Market research is the best way to collect information about your customers, competitors, and market. In fact, market research is a marketing tool that helps you grow your business. But, it is unfortunate to say that small businesses do not use market research as much as required. Market research assists you while making business decisions and offers new ideas for your business.


Why use market research?



* To understand the thinking, feeling and behavior of the customers. Better understanding of these areas provides you an edge over your competitors.

* To test the responses of customers on a new idea or concept and to involve them in the development of a new product or service.

* To take out the guesswork while planning a new marketing initiative.

* When to use market research?

* Before launching or introducing a new product into the market

* Before improving or updating the levels of customer service

* When you wish to find out the changes in customers’ problems, behavior, attitudes, and needs

* When you look to overtake your competitors


Market research helps while launching a new product


Prior to product development, a market research should be conducted on all aspects including idea development, product development cycle, marketing and sales. At the end of the market research, you would be able to answer the following questions: Will customers buy the proposed product? How can it be used by the potential customers? Which features should be added to benefit the customers? What should be the price? How to handle marketing and sales? The market research may suggest you that the product is not useful for the customers. For instance, suppose a sales group proposes a new product, but your company is not sure about the allocation of resources to engineering design. You conduct a survey among customers regarding the new product’s features and functions. And at the end of survey, you conclude that the customers do not need the proposed features. Thus, this survey helps you to avoid a significant financial loss in engineering resources and also suggests you how to modify the existing products according to customer needs.


Market research helps in determining new market


You should be well aware of the locations of your competitors and customers. You need to map out your potential customer base. Then, you should look for the proper support. The support may include channel partners or direct support teams. You need to consider the issues on regional pricing. You need to review your strategy to be implemented and look for addition information. You may have to visit the particular area and talk to the local chamber of commerce.


A market research professional may improve the whole process


By employing a market research professional, you can determine all the possible outcomes in a short duration. A research professional also helps you in establishing your goals. Are you looking for sales revenue growth, cost reduction, brand awareness, or competitors’ share overtake? A research professional will dig out your strengths and weaknesses. A research professional should be allowed to work closely with you in a collaborative environment. You need to respect his decisions and make him feel like he is working for his own business. Sometimes, his researched report might not sound good to you, but you have to accept his decisions for the growth of your business.




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  • Posted On May 30, 2012
  • Published articles 9

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