Should all businesses conduct market research? What are the benefits of doing it?
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RichardPickett
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Learning about your customers. Without customers, your business won’t thrive. Market research helps you understand what your customers want and need, where they live, what motivates their buying decision, which makes the purchasing decision in their household, whether or not they can afford what you’re selling, and other crucial factors that determine profitability. The market research also gives you insight into where your target audience spends their time online, their preferred means of communication, and which types of ads reach them better. Another aspect of market research is learning about the challenges your customers are experiencing, which can help you improve your products or services to solve their day-to-day problems.
Learning about your competitors. No matter which industry your business belongs in, you will have competitors. The question is how competitive the space is, and if there’s a gap you can fill that will set your business apart. It’s also important to assess how big the reach of your competitors is and if there’s a market segment they haven’t touched yet that you can potentially serve. Market research also gives you an analysis of your competitor’s strengths and weaknesses. This will help you gain perspective on what they are doing right and improve upon what they are doing wrong, making you the better and more attractive choice to your target audience.
Learning about the industry. Market research helps you assess if your business idea is viable and if there’s a potential for scaling. After all, some products/services are only bought once, and getting repeat customers would be next to impossible. Through market research, you can spot opportunities in the industry so you can add new products/services to increase your profitability or create another business model. Through market research, you can also determine if branching out would be feasible. Lastly, market research allows you to stay on top of industry trends and stay ahead of the competition.
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