Market research refers to a critical analysis of market trends, data and statistics, and consumer patterns that involves research of the target market, the possible competitors, and the environment as a whole so one can understand the depths and details of the market trends. Experts such as George Bardwil emphasize that market research is an ongoing process and not a one-off activity. By researching and analyzing the market properly, a business gets one step closer to the finish line as compared to its competitors. Finish line here refers to the ultimate goal of earning consumers and making profits.
It is important to understand the significance and impact of information and to be able to use it strategically to devise future plans and marketing campaigns for your business. Marketing professionals like George Bardwil suggest the following benefits that a properly conducted market research provides to a business:
- First and foremost, a clear understanding of the market enables you to create specific and strategic communication guidelines to communicate with your customers. This makes your customer gage your knowledge and credibility about the consumer market. Once you know what your target audience likes and dislikes, prefers and not prefers, and would buy or not buy, you can manipulate your communication and marketing strategies accordingly.
- Second, a calculated market research helps you identify possible opportunities and grab them before your competitors can. This gives you the edge over your competitors that your business definitely can benefit from.
- Third, through detailed market research you are able to forecast possible risks and lows that the market is possibly going to face in the near future. Knowing this helps you devise your prevention strategies and gives you the decision-making power of whether to invest in a specific project or not.
- Fourth, a well-conducted market analysis lets you know where you stand in the market as compared to other players in your niche. Once you know your ranking, you can create possible plan of actions to grow or maintain it.
- Fifth, by performing surveys such as test runs of your products and services before they have been sent for mass production, you can analyze consumer reactions towards your goods and services and observe what they like and what can be improved.
- Sixth, performing market research activities as a continuous cycle enables you and your business to keep a track of every minute detail and change that is taking place in your potential market. This allows you to gather a lot of informational data and statistics and use it to your advantage.
- Last but not the least; it can help you identify your brand’s promise. A brand promise is something that most influential establishments go by. Some promise lip-smacking chicken burgers while others claim guaranteed investment returns. You need to find what your brand wants to promise its potential customers and how you can keep up with it.
Thus, it can be concluded that proper and careful market research studies is one of the major keys that drive a business’ growth opportunity. This is again well validated by professionals like George Bardwil – a veteran in the industry.