Why Use Market Research?

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Market research is a powerful tool supporting business decisions and helping to answer a wide variety of questions. The benefits of market research include:

Minimizing Risk – Conducting market research can help to significantly reduce the risk associated with business decisions. Prior knowledge of a wide variety of topics such as client expectations, the size of the potential market, and how you stack up against the competition can mean the difference between success and failure.

Evaluating Success and Identifying Challenges – Market research is an excellent way to find out what your clients like about your products or services. Effective market research can also use client feedback to help identify areas for improvements, enhancements to products and services, and trends with clients.

Finding Opportunities – Being able to spot business and consumer trends early is critical to staying relevant with existing clients and growing your business by attracting new clients. Well-crafted market research can help spot the trends; it can also be useful in determining how much impact the trend might have on your business.

Understanding Clients – The better you understand your clients, the greater the level of service you can provide to them. Market research can provide the insights necessary to help you understand everything from the products and services your clients’ want, to their beliefs, attitudes, perceptions and what motivates them.

Communicating Effectively – Market research can provide tremendous insight into the most effective way to communicate with existing and potential clients. In addition to providing guidance on selecting the most appropriate communication outlets, market research can help to determine which messages will resonate with clients.

Regardless of how powerful the market research tool is, like any tool, it is not appropriate to use in every situation. If you are interested in undertaking a market research project, we will help you to determine if market research is the best course of action for you. If you could benefit from market research, we will work with you to customize a project specifically designed to answer your business questions.

Additional Insights

Why Customer Complaints Are Good For Your Business – In today’s Internet-driven world, customers have more power than ever.

Five Demographic Megatrends Driving Your Business Success – Five demographic megatrends are now driving business success. What you sell, who you sell to and how you sell it is being disrupted by these megatrends. Here are the five demographic megatrends that are driving 21st Century business success.

13 Cognitive Biases That Really Screw Things Up For You – The human brain is a natural wonder. It produces more than 50,000 thoughts each day and 100,000 chemical reactions each second. With this amount of processing power, you would think our judgment would be highly accurate, but that’s far from the case.

4 Steps To Building A Data-Driven Customer Experience – We need to talk about data. What was once a seemingly abstract concept used only in science fiction movies and software development textbooks has now become a sort of secondary currency in the world of business. Data is a valuable resource that all organizations must tap into.

The Most Common (and Dangerous) Market Research Mistake – Even though it’s a few years old, this is still a great piece from Forbes.

The Heart of the Customer Experience: Do Banks Care? – In the banking industry, the “customer experience” has moved to the forefront over the past few years. Here’s how consumers today perceive their experience with retail banking providers — what banks are doing well, and where improvements are needed.

Conducting Market Research – You may have a great idea for a product or service, but before you go any further, first make sure there’s a market for it.

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