30 Jan 2020
Make smarter business choices with market research. Understand your audience, competitors, and brand positioning to reduce risk and drive growth through informed decision-making.
The more information a company has, the more likely it is to make the right decision. Therefore, informed business decision-making based on market research leads to better results and company growth.
Making strategic business decisions is harder than it seems. Every decision made can lead to profit, or it can bring the company a loss. Informed business decision-making supported by market research will surely lead to better results and company growth.
Companies make important strategic business decisions every day. It is difficult to know in advance how the market will react to any change or novelty, but it is certain that the more information a company has, the more likely it is to make the right decision. Companies increasingly rely on market research when making important strategic decisions. This gives them insight into how their decision will be received in the market and the likelihood of it leading to desired results. Market research findings help companies understand their customers' expectations, learn about their purchasing processes, market trends, and assess their own brand awareness. Additionally, through market research, a company can find opportunities to improve customer satisfaction. A good market research is conducted on the right sample and at the right time. To conduct research, you can contact research agencies, or you can create and analyze research using online tools. Useful research results will facilitate your decision-making in a whole range of business areas:
Understanding your target audience helps you offer customized products and services that meet your customers' expectations. Research helps you gather information about your target customer (buyer persona), whom you then address more effectively throughout your communication. By focusing on the right target audience, you can execute all marketing campaigns faster and more efficiently.
Companies need to know their strengths and weaknesses compared to the competition. You can identify these through market research. Competitor analysis can highlight potential shortcomings compared to the competitive offering, which should then lead to improvements. The findings of competitor analysis also help you shape a unique selling proposition that allows you to outpace competing companies.
Market research will provide you with new ideas for improving brand perception, assess brand strength and its position relative to competitors, measure brand awareness, and identify what customers associate with your brand. You can gain all these insights by inviting your customers to provide feedback after a purchase. In addition to assessing their purchasing experience, ask them about the name, logo, promotional materials, packaging, online presentation of products and services, etc.
Through research and feedback collection, you can quickly determine if your marketing strategy is achieving its goals. If not, you can adjust the strategy based on identified customer preferences to achieve better results.
Market research provides recommendations based on actual data. The analyses of feedback help you predict the outcomes of marketing actions before you implement them, thus saving you from many (expensive) mistakes. All of this enables informed business decision-making and reduces risks due to uncertainty in predicting the future. It is important to maintain or improve your market position, so consider making business decisions based on market information. Before important decisions, make market research a mandatory step. This will reduce risks and lead to better business decisions.