Why is market research important – mainly because it is the foundation of any successful marketing campaign.
One of the most important things market research is used for is to find out what your customers want. If you commence a marketing campaign without knowing what your audience wants, then it is most likely doomed to failure.
If you are serving a wide range of customers (from 100,000’s into millions) you need to ensure that your products/services are positioned right.
The saying ‘the customer is always right’ is one that is used time and time again, and part of market research is to find out what the customer wants so that what you can deliver is right.
The key to a successful relationship is understanding. If your customers feel that you are listening to them and understanding their points, they will stay with you. As long as they can see that you are implementing the changes that are suggested.
Many companies now do ‘polls’ on their websites. These are sometimes a little unreliable as they can be forced however if you have enough data, the results should give a clear indication of what the majority say. You cannot keep everyone happy (if only) however you can be led by the majority.
Many companies use market research as a way of finding out what their competitors are doing, how they are doing it and how it could be done better.
This could be both for services or products and provides an excellent way of you being able adapt a product/service or launch a new one.
There are three factors that cover what a Market Research company will do:
Different market research companies operate in certain industry sectors so it is important to select a market research company that knows your industry and can provide the results you are looking for.