For one, people think that market research is a one-off task at the beginning of the business. Others don’t deem it necessary. So today we wanted to show you how conducting your market research can be a game-changing process for your business. Here are 5 reasons why you should do your market research.
1. Identify new business opportunities by identifying gaps in the market
Most successful companies have been lucky enough to have been the first to exploit a business opportunity. How sure are you that it's luck? A Roman philosopher called Sena once said that "Luck Is What Happens When Preparation Meets Opportunity", and we have heard something similar from Zig Ziglar, a successful author, "Success occurs when opportunity meets preparation".
For us to make sure that we are there and ready when the opportunity arises, we need to keep on conducting our market research.
2. Solve your biggest business challenges
Why are people not taking up my services, you ask? Well, we might as well ask them! Calling them and taking a survey of some challenges they face can help you understand some of the challenges they face. The answer to this might be that they have some challenges accessing your services or just that one factor that is difficult to pinpoint. What is it? This is where your market research comes in to save the day.
3. Set realistic targets for your business
SMART goals have been a topic for a while when setting your company targets, it’s essential to learn whether they are realistic. Understanding your customer’s purchasing potential and power before establishing your goals is what market research can help with. Setting your goals before understanding this can lead to a lot of frustrations about your company's performance.
4. Identify potential new customers.
The industry keeps on changing and new companies come up offering new services, this means we need to constantly know which ones they are and if we can be of mutual assistance to them. While conducting market research you get in touch with new contacts which is one way that you can be able to generate leads for your company. At the end of every survey, you could always ask if they are willing to take up your services or receive news and information about your company.
5. Know whether a new product or service can work for them before launch
Will it work? Will they take up our services? Questions that go through your mind every time you want to start a new service or product. It's time to take the bull by its horns and ask the target market directly. This will let you get more insight from them and avoid failing before you even start. You get to adjust your product to fit your consumers before it reaches the market.
Yusudi offers market research services and more. Find out here.