Market Research & Not that Leap of Faith Will Help Your Business Succeed
Market research in last few years has gained immense momentum, becoming crucial not only for startups; but also for established businesses to make profitable growth. With more and more brand competing in the market for shelf space and market share, the competition in the market is getting fiercer and to succeed, companies need insights about the market they are trying to capture, and it is the “market research” that walks in as a savior for them. The collection and analysis of information encompassing consumers, competitors, and the effectiveness of marketing efforts is how market research is put at task.
Companies are leaving no stone unturned to stand out from the crowd, and have realized that the best way to succeed is to provide their customers, millennials or boomers, with customized shopping experience. This may require companies to put in those extra efforts. They also are aware that customized or personalized goods, is what can demand higher prices. Simultaneously, they also know that “mix and match’ offerings have proved their worth in encouraging customers to try new products, services and at times, even newer brands.
Here are some of the ways in which market research has helped businesses and companies. Try and figure out if your company is leveraging it appropriately, or not.
1. Have you identified who all are the buyers to your products/services?
This happens to be the most crucial and important step. You are taking that leap of faith, by ditching your day job and becoming a business owner; if you are not equipped with granular details about your target market.
Creating a picture of your ideal customer with help of data collected about age, gender, education level, income, and location, is what your market research does for you. Figuring out market opportunities for your products or services can be identified by knowing who you are selling it to. Next comes in is market analysis. It is basically conducted to assess how big is the market, how saturated it is and what are the chances for your product or service to survive as an addition to the already existing mix. Consulting a market research firm is a decision no company has ever regretted.
They go all the way to create a test segment of target market and conduct a focus group or a survey to reach out to who they rea