The era of monopoly is over. Today’s market belongs to those who know what their consumers want and work to fulfill those needs. The only brands that survive and thrive in a competitive market are the ones that best manage change and evolve with growing consumer needs.
Apple and Netflix are perfect examples and here’s what they did right – Market Analysis.
So whether your business is in its initial stage, expanding, or already established, market research is crucial to stay ahead of competitors.
The Importance of Marketing Research
If you’re still not convinced, here are 6 compelling reasons that justify the role of market research in sales growth.
1 - Helps Develop Better Business StrategiesMarket research software generates valuable data that can help business owners in developing better strategies. Some examples of the types of marketing research you might conduct:
- Advertising and media usage
- Product development
- Communication with target customers
- Brand placement
- Product pricing and positioning
- Launch time
- Developing products that meet consumer expectations
- Evaluating business progress
2 - Helps Identify Potential Business Opportunities
Market surveys are a simple SWOT analysis tool that help you understand consumer preferences, plan your messages, perfect your marketing campaigns, keep track of your competitor’s performance, minimize your own losses, and spot business opportunities.
With accurate market survey analysis, you can follow current industry trends, forecast pitfalls, and reach out to target markets with better offerings. Market analysis also helps businesses improvise products and make a proper market fit for better business outcomes.
3 - Gives a Better Understanding of Consumer Preferences and Needs
Creating a great customer experience is the key to sustainable business success. So if you want to succeed, you need to know what makes your customers happy. There are several online survey tools that allow you to customize your market survey to identify decision-making triggers, understand customer needs, study purchase patterns and behaviors, and discover pain points.
Using market research software will also help you gain insights into your consumer’s age, gender, location, occupation, and income. This crucial consumer information can be used to tailor your marketing campaigns for quality leads and maximum conversions.
4 - Delivers Accurate Insights About Your Competitors and Their Marketing Approach
The competitors that are attracting your customers and winning in the market are the ones who’ve done their market analysis before you. Now if you want to step up your game and grab your customers back, you need to do a market survey.
An engaging and conversational market survey will help you identify key players, assess their approach, and find the gaps in their strategies. These gaps can then be turned into a competitive advantage while successful strategies can be used to remodel your new marketing approach.
5 - Lowers Business Risks and Reduces Losses
There are several examples of giant brands gone bankrupt when they failed to adapt. Market survey helps identify issues before they blow out of proportion and helps predict pitfalls that can put your business in trouble. Market survey generates insights that help you anticipate change and stay relevant.
The information generated will also help in making better decisions when developing new products. With concrete findings, businesses can avoid costly mistakes like poor pricing and ineffective marketing. All of this increases your chances of thriving and achieving business growth.
6 - Helps Test Products Before Market Launch
Product testing is very important for every business, so before you expose your product to the market, make sure you test it out on your target audience. Product testing will save you from incurring additional expenses on improvising the product and also save you from launching a bad product in the market.
Even an established business can never be 100% sure that a new product will be well received by potential consumers. Only market research helps you find the right approach and messaging that resonates with your customers.
To conclude, market research and analysis will arm you with all the crucial information that is needed to analyze your consumer needs and your competition. If you want your business to succeed in the face of fierce competition, it pays to find and improve upon your weaknesses. Market research software helps you do exactly that! So get started now and grow your business, because most online survey tools are free to use.
Bhavika Sharma is a market research survey designer at SurveySparrow where she designs surveys that work by making them more conversational and engaging, fetching 40% more responses. When she isn’t designing killer surveys, she loves to travel in search of adventure and to meet new people.