How Your Business Can Benefit From Market Research
When you’re running a business, every day is a series of decisions: you have a set quantity of resources, including (but not limited to) money in the bank, funding available from investors, the skills and time of your employees and the reputation you have built up to date. All of these can be spent like currency to get you results, but you need to feel confident as you are making these decisions that you’re investing in these currencies, not spending them freely. You need to be able to judge that your business will be deriving some benefit from what you’re spending, or better yet, making a quantifiable return on that investment.
Today, to help you make decisions you are confident in, we’re looking at Market Research. What is it? How does it help? And is it worth you spending your hard earned resources on it?
What Do Market Researchers Do?
Market research is a broad field, with many different individual techniques and uses, which is why it’s found so useful by such a broad array of businesses, from established health and wellness brands to cutting edge fintech startups.
The basic unit of the market researcher’s work is the survey: they gather data from across a wide selection of consumers using surveys – some digital, some telephone, some conducted in person. They have the expertise to know how to get the useful answers you need – how to phrase the questions and interpret the data to produce insights you can use to enhance your decision-making.
One of the most basic, but most useful insights a market researcher can produce for you is a demographic breakdown of your market: if you don’t know who’s buying your products, you can’t sell to them effectively. Market researchers can tell you who your market is, where they live, how much money they have to spend and how they make their decisions. This allows you to optimise your offering and advertising to appeal more to these segments of the market and boost the return on your future investments.
More Advanced Research
That’s only the beginning of the benefit market researchers can add to your business. Brand trackers are a form of survey that tells you how strong your brand is in comparison with your most significant competitors, which can provide vital insights, telling you the effect your decisions are having on your brand.