In the business world, market research, product testing, or test marketing can make or break a company. According to the pros, organized and effective market research is essential to a business’ bottom line. In many cases this type of data can also save a company substantial sums of money that might otherwise be lost on guesswork.
Market research is a vital tool that businesses use to understand the buying trends of their target market. It is what helps them zero in on the most important part of the buying equation: the consumer. This is just one of the reasons that businesses need to make market research a priority. Here are some more.
Hyper Focus is Actually Freeing
In addition to forcing you to focus on your target market, strong market research and test marketing campaigns free up a lot of your attention and care for the other important parts of building a successful business or product launch. The reason for this is that when the target marketing is focused, with both short-term and long-term plans well laid out, you don’t have to worry about what comes next and the risk of your getting caught up in a tangential idea are small. That means you are free to pursue other potentially highly lucrative growth opportunities and the day to day operations of your business.
Get On Board or Get Out Of The Way
One of the primary credos of any good marketing department is “adapt or perish”. Using a market research and survey company like Infosurv can help you make sure that your business (and its product line) remains relevant in the evolving marketplace, which is essential for your revenue growth and survival. Like Forbes magazine said:
“…by doing your homework before starting your business, you can be assured that your product or service is properly priced and positioned and you are offering the most sought after attributes. This will make your company a powerful force in a competitive business landscape.”
Getting In Means Getting Ahead
The primary objective of test marketing or market research is to learn about your target market, product and audience. You can even use it to learn what your competition is doing, a move that, when properly carried out, can help you make your business massively profitable. It does this by drilling down to the heart of what the target demographic actually wants by opening up lines of dialog with consumers so that you can get information straight from them instead of having to guess and hope that you’re right.
Overnight Successes Are Myths
The myth of the ‘overnight success’ is possibly one of the biggest misconceptions in the business world. While it can often look like a business went from zero to hero immediately, this is rarely the case. Most of the time, that massive (and immediate seeming) success is the result of clever marketing that is based on highly focused market research that was done during the development stages of the product and while that product’s release was being planned.
Most consumers are unaware of the time and effort that is put into quantitative and qualitative research. That research, though, is what helps build those amazing marketing campaigns that so many take for granted and it is those marketing campaigns that sell your products. Ergo: marketing research literally puts dollars in your bank account.
Featured image credit: Growth Chart Business/ShutterStock
