There are five major reasons why market research is invaluable:
It helps you spot or confirm emerging trends
You never want to miss new business opportunities or be alarmed by an exciting new trend that everyone but you anticipated. A market research discipline always keeps you totally informed—no surprises, no disruptions.
Survey results will clearly identify your perceived strengths and weaknesses
Reading about your own strengths and weaknesses may or may not come as a jolt. Nevertheless, this feedback should enable you to avoid costly mistakes in the future.
It helps you better understand your competitor's perceived strengths and weaknesses
A thorough understanding of your competition must never be taken for granted. The data culled from the survey analysis will be critical for taking market share and a leadership position.
It helps you evaluate ongoing advertising and marketing efforts
You can use surveys to test new advertising approaches including a new brand logo, new copy, new artwork, and much more. It's a necessity for saving advertising dollars while ensuring you've used unbiased eyes in pursuing new customers.
It serves as the primary source for new product ideas and potential new markets
Stay on top of the market. Let your customers and qualified prospects point you in the right direction for potential new products or unexplored markets. It's also an excellent source for testimonials and referrals.
In closing, adding market research to your business routine is a discipline that will quickly pay extraordinary dividends.
About the author:
Rich Nelson has been a senior marketing executive for over 35 years. The key focus throughout his career has been helping small to medium size businesses succeed in an ever-competitive marketplace.