Is your business using market research? Is so, then good for you for employing a necessary tool. If you’re not, then you need to consider why you’re avoiding it because every day you don’t put this tool to use is another day you’re saying no to sales that could otherwise be happening.
The Essence Of Market Research
The concept can be defined in many different ways. First of all, you can think of it as a process focused on collecting, studying, and learning from information. That information can center around a product or service you hope to sell, something you already sell, or something you once sold that didn’t do well. Research information can also emphasize consumers themselves, as you study their past, present, and future characteristics, locations, needs, and spending habits. Conversely, research into your market might zoom out to the entire industry as an entirety or just to your own specific competition.
Things Market Research Can Do For Your Business
Doing the right research into your market, be it the whole industry or a specific product, can accomplish much for your business. For starters, it should center the focus of your business on your customers. It’s so easy to get caught up in deadlines, emails, and a million other things that you can quickly forget who is really keeping the lights on and putting bread on the table.
Secondly, you can get to know your competition. Learn what they’re better at than you are, and catch up or pass them. Find out what they’re missing or not doing, and become the first in your sector or niche to offer it.
Use research to stay nimble, be prepared for the future, and remain a relevant player in your industry.
If you’re new to market research, there are two ways you can start using it immediately. First, you can define specific objectives you’d like to achieve and then look into their feasibility. Second, you can actually use that same research to identify opportunities for growth and improvement if you’re not sure what direction to take.
Even huge companies need to undertake research and look ahead. Coca-Cola is one of the best-known brand names around the world, as nearly everyone recognizes them. However, when they rolled out ‘New Coke’ in the 1980s, it was an abject disaster. While they rebounded well with ‘Coke Classic’, it was possibly something they might have seen coming with the right research and taste-testing.
Conversely, Netflix once dominated the mail-rental DVD market, but they were also wise enough to look ahead. As the mail market dried up, they became the predominant streaming service for several years. Even then, they used market research to look ahead to when they wouldn’t be the biggest or only player in that market, learning how much consumers wanted original content. They now have more of that than any other service.
You can handle quite a bit of research into your products, services, and market internally, within your company. However, you can also hire third-party services, such as NetBaseQuid, to help out. Investing in such services gains you access to their expertise, abilities, and technology. These are all useful resources, especially considering how you can scale your investment to the perfect balance between your needs and your budget.