Why is Market Research important?

Assumptions, they truly can get you deep into trouble. The old saying of, you don’t know, what you don’t know is not only accurate, it is a code every marketer should live by.

In a nutshell, market research helps you understand your target market’s wants and needs. In other words, what, how and when do they want it? It can also provide insights about your competitors, their products, and services that compare with yours.

Most of all, it can help your business grow and avoid you spending too much, spinning your wheels or simply wasting your time on ideas that your audience will never be interested in.

Not convinced it is worth it yet?
Let me give you a detailed outline of the benefits of conducting Market Research for your business.

Gaining a better understanding of your target market

Market research helps you discover what your target audience values and enjoys. Without developing this body of knowledge, it’s impossible to know whether the customers you have in mind would actually purchase your product or service. You can spend millions on research and development, only to find nobody likes what you have come up with. And let’s be honest, being rejected sucks. Whether it’s in business or your dating life. Set yourself up for success by doing your market research. You won’t take a vegan to an all you can eat meat buffet on a first date now, would you?

Craft masterful marketing messages

How we say something is sometimes much more important than what we say. Market research provides you with the tools that can help you speak to your chosen consumers about your products and services in a way that resonates with them. A great marketing message sounds like it was written just for your client. They hear your message and feel like you know them personally. It’s as if you are counted among their friends.

Create marketing messages that reflect their choices and preferences. Your business will soon be known and loved by its target audience.

Keep your offering competitive

Conducting market research gives you an outsider’s perspective of how your business compares to its competitors. Your competitors might be terrible at something. Why not find out what that is? What do your competitors do well? Which aspects of their business leave much to be desired? Use these findings to rework your own product or service and stay competitive.

Future-proof your offering

Market research can help you identify and assess key trends to anticipate how the market for your product or service may change. It is a vital step for identifying new market segments and developing new products to ensure ongoing growth for your business. It doesn’t help that you are selling something that will be useless in a few years.

Types of Market Research

There are two main types of market research: quantitative and qualitative research.

Quantitative market research focuses on generating numbers that answer questions about your market, their habits and behaviours. This type of research is conducted using surveys and questionnaires. In other words, ask a lot of questions until you find the answer. Don’t be shy; ask.

Qualitative market research aims to discover what people think and feel about products, and which factors affect their purchasing decisions. Researchers use surveys and focus groups to gather this information.

Effective market research starts with knowing what you are trying to accomplish and what information you need. It’s amazing what you can achieve by asking the right questions. Just give it a go, and you’ll see.

No, seriously. Go ahead.