Why is Market Research important?Written by Martin Day
Market research is an essential part of any business that wants to offer products or services that are focussed and well targeted. Business decisions that are based on good intelligence and good market research can minimise risk and pay dividends and by making market research part and parcel of business process and conducting market research throughout lifecycle of a product or service market research will bring 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 customer you not only show them that you care but you also take guess work out of customer services.
| | What Market Research will tell youWritten by Martin Day
What can you learn from having conducting effective market research? Know your customers – Market research will help you better understand your customers in a number of ways including demographic information such as their age, gender and geographic spread. The better you know your customer easier it to target your marketing and fine tune your product or service. Who are your existing customers and where do they live? Who are your potential customers and where do they live? Know your competition – Market Research will help you measure your service compared to others. What are strengths and weaknesses of your business and are you improving in areas that customers demand? Do you have products or services that people want? Do you represent value for money? How does your business compare to that of your competitors?
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