You and your business need market research. Market research provides information about your audience, your competition, and how your product or service will do in the marketplace. It allows you to study your market—and how open your intended customers will be to your product or service—so you can make informed business decisions with less trial-and-error and less risk. Here are 7 reasons why market research should matter to you.
1. Market research clearly defines your customer demographics
You need to know who your customers are (or who they will be, if you are bringing a new product to market), what they like and dislike, where they spend time, what matters to them, what motivates them, how much they spend, etc. With this information, you can be strategic with your content marketing.
2. It helps you target your marketing
With a clear picture of your demographics, you no longer have to market to the masses. You can appeal to a very specific group of people, which will save you time and money in the long run.
3. It enables you to focus on customer needs
Market research not only reveals your customers’ wants and needs, it provides you an opportunity to meet those needs with a superior product or service and/or excellent consumer support.
4. It shows you where to spend your time and money
You will spend less time and money on useless advertising, meaningless content, cold calls, and products without much of a future when you rely on your market research and focus on what your clients need.
5. It helps you spot trends and anticipate future opportunities
You may have a great product or service but you will need to grow your brand in order for your business to survive. Market research shows you where those opportunities may lie.
6. It reduces your risk when making decisions
Market research removes some of the risk of decision-making by clearly identifying the options ahead of time. It helps you launch better products at the right time.
7. It keeps you ahead of the competition
Understanding your market helps you develop your unique selling proposition. Without this, you don’t stand out from your competitors.
If you need up-to-date market research, contact Tate Design at 610.725.0702 or e-mail [email protected].