CTTO: www.thehartford.com | Date: Nov. 04, 2022
Why Do Market Research?
Market research provides critical information about your market and your business landscape. It can tell you how your company is perceived by the target customers and clients you want to reach. It can help you understand how to connect with them, show how you stack up against the competition, and inform how you plan your next steps.
Market research can be valuable to your company’s growth and success. Here’s a way to start:
First, identify your competitors. This can be simple if there are one or two other companies that do what you do. Sometimes, it’s more complex. Work with your company leaders to identify where else customers go for the product or service you offer.
Think about your business goals. Are you trying to grow? Introduce a new product? Enhance service or move locations?
Consider research needs and goals. Do you want perspective on your business, or are you considering a major shift in your business strategy?
Developing your Products and Services
It can give you an accurate view of your business and your marketplace. For example, you can see how you are perceived in comparison to your competitors, and evaluate what your competitors are doing to attract customers.
It can help you decide whether a new idea for a business or product will fly – that is, if customers will find it appealing – based on how similar products have performed in the marketplace.
It can help you determine who and where your customers are, and which customers are most likely to do business with you. (In fact, for customers who indicate that they don’t want to do business with you, market research is your opportunity to ask them “why not?”.)
It can help you make wise product packaging and promotional decisions, as well as effective marketing messages.
It can reveal how customers and prospects view your existing business and products, and show you if you are or are not meeting your customers’ needs. It’s even possible you may uncover some opinions about your business and/or products that you weren’t aware of.