Why is Market Research So Important?

Market research

What Is Marketing Research? 

Market research is the process of gathering, analysing and interpreting information to help find marketing opportunities and solve challenges. 

Research Methods 

Research falls under two main types: primary research and secondary research.  

Primary research involves directly gathering data from the end consumer. Some examples of primary research sources include: 

  • Focus groups 
  • Surveys  
  • Polls 
  • Questionnaires 
  • Interviews  
  • Visits to competitors’ locations 

Secondary research involved using data gathered and published by an outside source. Some examples of secondary research sources include: 

  • Census data 
  • Research reports 
  • News reports 
  • Academic journals 
  • Newsletters 
  • Magazines and newspapers 
  • Universities, colleges, and technical institutions 
  • Demographics and market research compiled by businesses and media outlets about their clients or audience 

Benefits of Market Research 

Companies undertake market research for a variety of reasons: 

  1. To understand their audience 
    Undertaking market research helps companies gain a better understanding of who their customers are, their demographics, and their likes and interests. 
    Understanding a target audience is extremely important as it can help brands stand out from competitors and build stronger relationships with customers. 
  1. To spot business opportunities 
    By understanding target customers, knowing where to reach them, and learning what they like a brand will be more capable of spotting potential business opportunities.  
    These opportunities can come in many different forms, for example, a company could identify new product or services, great add-ons or upsells for their current products or services, or ideas for new locations to sell at. 
     
  2. To know what works  
    Market research helps companies to know what marketing materials a customer wants to see and what works. For example, flyers, social media, websites, blogs, outdoor marketing, or offers. 
  1. To solve issues 
    Research will help companies understand what doesn’t work with their product or service, or what can be improved. For instance, a company could find out during market research that sustainability is important to a lot of their customers and that the amount of packaging they use turns consumers off their brand. Knowing this information, the company can tackle the problem. Not only would this attract new customers, it would also build stronger relationships with past customers as it shows that the brand is listening to their concerns. 
  2. To stay ahead of competitors 
    By understanding customers pain points and problems they face companies are able to stand out from their competitors and stay ahead of them. This could be through their product or service, your marketing materials, your messaging, your branding, or your customer service. 
    Market research will also help identify other direct and indirect competitors. 

Share:

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

You might be interested in

Our Top Tips for Promoting Fundraising Events

Fundraising & Promotion Summer is a great time for charity fundraising. People are more willing to participate and attend a fundraising event in good weather. Fundraising is a fantastic opportunity to promote your charity or organisation. You can reveal your creativity through your fundraising event while boosting brand awareness. Think about what type of fundraising event that will work best for your goal. Fundraising Event Types Endurance Event: These are your fun

Read More »

Blogging Tips for Small Businesses

Blogging for business can be fun and it is a great way to keep fresh, engaging content on your website. These blogging tips will help create fresh content on your website which is excellent for attracting new visitors. As well, Google love companies who put up new, well written, and interesting content. You may think this is fine and well but what do you blog about and how do you

Read More »

Why Do Small Businesses Need Market Research?

Market Research Big or small, every business needs market research. It is something that start-ups often don’t even consider. Market research is all about establishing a market niche and target audience. Without knowing these two elements you are effectively directionless. Your marketing efforts will be far less successful. Get your foundation right; know your businesses direction Why do many small businesses find market research difficult? 1)  They tend to be

Read More »
blogging for business

Blogging for Business: Our Top Reasons to Start a Blog

Blogging for Business You might have noticed that here at Studio93 share blog posts every week (check out our Archive and Knowledge Base). You may be thinking “that sounds time-consuming” and you’re right, so why blog at all? What’s the point of blogging, and more specifically, what’s the point of blogging for business? The Top 2 Benefits of Blogging for Business 1. Active Blogger Google loves an active blogger. Providing

Read More »

Inbound Marketing – Promotion Through Attraction

What is Inbound Marketing? What is inbound marketing and how can it help your business? Inbound marketing aims to offer customers with useful, relevant information that they have shown an interest in. Its approach is to attract customers with interesting and meaningful information, rather than solely promoting a product or service. An approach focused on attracting customers through content and interactions that are helpful and relevant. (HubSpot) Traditional Marketing Methods

Read More »

LET'S GET STARTED!