Why market research is essential to brands today?

Are starting a new business? Or producing a new product?
Do you want to expand your brand in the market?

Whatever your need is, you can always start your marketing process by the market research.

In this article you’ll know what market research is, and why is it essential to your business or brand.

What’s market research?

For a professional marketer market research is the process of setting questions about your intended market and finding real answers. It’s a systematic, objective collection and analysis of data to conquer a market.

Market research can take on a variety of forms and formats according to client’s needs. However, you can divide most used methods into two categories:

Quantitative research: that relates to numbers and trends. Sources may include surveys, polls and social media. It provides numbers and benchmarks for charting and analyzing data which is supposed to lead to success.

Qualitative research: relates to deep insights. Focus groups, face-to-face interviews and observational studies help to uncover the motivations and reasoning behind market behaviors. It helps you to study demographics, psychographics, interests and buying behavior of your potential customers.

Bear in mind that Market research allows you to maximize the benefit of each pound you invest in your marketing process.

Here you are 4 proofs that market research is essential and helps you maximize your benefits:

  1. Accurate targeting: as you find yourself always wondering who will buy your product? Who are your ideal customer personas? How often will they buy? What do they need? What do they want or expect? Market research can provide you detailed answers that get you closer to your target audience. Knowledge of your audience will help you determine the market size and what motivates them to buy.
  2. Knowing your competitors and their tactics: will assess you to know their strengths, weaknesses, and how to surpass them. You want to stay in the game, so you must recognize your size compared to your competitors.
  3. Identifying Problems: such as poor image, inconsistent voicing or poor targeting, such problems aren’t always apparent. By identifying problems, challenges or threats within your market, you can fix issues or shift directions before the problem becomes critical.
  4. Setting your marketing strategy: based on the results of the market research, you can develop full marketing strategy that positions you in the place you aspire within the market.

In short, market research provides you with important information you need that will help you identify and analyze the market needs, your customers, and your competitors.

Don’t hesitate to use our market research services, call us at +201030333342

Leave a Reply

Your email address will not be published. Required fields are marked *