Yes! In any business sector, marketing research is vital. It will help you keep up with market trends and maintain a competitive advantage.
Understanding your target market and increasing sales starts with market research. There are many reasons to conduct market research, some reasons include:
- Evaluate marketing performance
- Identify ideal customers
- Understand existing customers
- Discover new business opportunities
Utilize market research to determine the ideal price point, branding, packaging, promotions and channels of distribution for your product/service. Test the market with various techniques to determine how well customers are responding.
If you don’t know who your customer is, how will you reach them? Information about your potential customer, including their gender, age, marital status, income status, education level, whether they have children or not and where they live will help you better market your products and services.
How and why your existing customers buy your product/service will help you market your product/service. How they make their buying decisions is key information on how you can reach your customers better, improve their experience and reach new customers.
Throughout your market research, you could notice various market trends that may shift your focus into a growing region or under-served region. You may also discover your competitors are offering products or services that you don’t, that are performing quite well.
Market research shouldn’t be a one-time activity you perform. Conduct market research regularly to ensure you are aware of new trends in your industry, your products and services are performing to your targets, and competitors aren’t snatching up your customers with an improved or substitute product/service.
How can Firstbase help?
Firstbase Business Services can help gather data about the local and global economy, your industry, competitors, customers, products and services. This data will be a source of valuable insights to help grow your business.
The in-house research team at Firstbase can help you get started. Contact us today for more information.
Inderpal Gill, Firstbase Business Services
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