Market Research: Why your Company Needs it

Market research seems to have a stigma in the business world. “It’s a waste of time, any five-year old can do it,” you say. Well, market research is actually a pretty important tool that can save your business time and money. It gives businesses the opportunity to find a specific target and focus their attention rather than shooting in every direction, wasting time, and money on groups that do not need or want the product or service your company provides. Here’s a few points to think on:

• Learn about the demand of your product or service. It is important to know if there is a widespread need for the product or service, or if it is a niche product specific to a small group. Once you know the demand for your product you can find the best methods for reaching this group.
• Get ahead of your competitors. In this vast society of choices where nearly 70% of people feel they are constantly being bombarded with ads and people trying to sell them something, you have to be able to stand out and tell the world (or at least your target market) why you are different. Learning what the competition is doing can help your business to differentiate itself from the masses.
• Saving $$$$. When your marketing efforts are centralized and not sporadic, your business can thrive. Wasting money on trying to hit every corner of the market does not work. Targeting a specific audience and catering to that audience will minimize costs and maximize profits. You wouldn’t try to sell a Porsche to someone who works in the drive-thru at McDonald’s, or tax services to 10 year olds… why run ads or build a website that will try to sell your goods to someone who has no need for it?
• Pros and cons of your business can be found through market research. What is your business doing right and what is it doing wrong and how can you fix it? Your customers will enjoy the fact that you are improving your business practices. Your employees will enjoy that their tasks are streamlined and better organized. Your bank account will be nice and full. Improvement can only make your business go up.