Tuesday, October 27, 2009

How Important is Market Research?

For any organization that wants to offer products or services that are highly focused and well targeted market research is important. Business decisions that are based on good intelligence and good market research can minimise risk and pay dividends. By making market research part and parcel of the business process and conducting market research throughout the life cycle of a product or service market research will bring the following benefits:-

Market research will help you better communicate - Your current customers experiences are a valuable information source, not only will they allow you to gauge how well you currently meet their expectations they can also tell you where you are getting things right and more importantly where you are getting things wrong. By asking the customer you not only show them that you care but you also take the guesswork out of customer services.
Market research helps you identify opportunities – If a new service is planned and you want to know the attitudes people have then market research can help, not only by evaluating the potential for the new idea, but also by identify the areas where a marketing message needs to be fine tuned.
Market research will minimise risk - Market research can help shape a new product or service, identifying what is needed and ensure that the development of a product is highly focused towards demand.
Market research creates benchmarks and helps you measure your progress - You need to be able to measure so that you can ensure that your organization is always improving. Early research can identify flaws in your service or areas where a product needs to be improved, by conducting regular market research it will identify if improvements are being made and, if positive, will in turn help motivate a development team.
Considering the benefits that market research will bring to any organization it is perhaps surprising how few businesses invest sufficient resources to gather good intelligence that will help them improve business. Many may think that market research takes too much time and effort but that is just not the case anymore as through the power of the Internet online survey software is readily available and vital market research data can now be gathered in a quick, simple and cost effective manner.

Tags: client, customer, feedback, market research, marketing, Online surveys, research data