There’s an infectious, and erroneous, thought going around the business world, especially within start-ups, that market research takes away from the passion and go get-em’ attitude that many entrepreneurs cherish. This thought has been the unfortunate downfall of many companies as market research is set aside as busy work and seen as a hindrance to forward progress. Companies don’t want to know what they are doing wrong, they only want to be applauded for what they are doing right, but thorough market researchers will present both problems and solutions. How can you fix something if you don’t know it is broken?
Do Your Research
Market research is necessary because it allows companies to pivot their attitudes and completely cater to their customer’s needs. Market research allows companies to find the problems that are hindering growth within the company, something customers are usually all too willing to share. From this, you learn this ins and outs of what customers need and why they choose certain companies over their competitors. Companies can also pinpoint what marketing strategies their target demographic responds to the best.
Improvise. Adapt. Overcome.
Market research ensures that companies can handle ups and downs and adapt to the ever changing market and the needs of their customer’s. Being ahead of these changes can only be accomplished through market research and gaining knowledge of the market. Doing thorough research can aid in the rapid growth of a company. Just think of Netflix, who was always one step ahead of companies like Blockbuster and Family Video, who offered streaming when everyone still had the mentality that the only way to get on demand video services was with a physical DVD. People were appalled and enraged when Netflix got rid of its DVD rental services and went straight to streaming only. But now, we can’t imagine it any differently, and Netflix saw that the tides were turning and adapted to these tides.
Risk is something all companies gamble with, but there are ways that successful companies limit this and pick out which risks are worth betting on. A large part, and the most fun part in my opinion, is testing out new products before they are put on the market for sale. This is essential in order for companies to test pain points, gain feedback from potential consumers, and lower the risk of losing money on a product that won’t sell. Market Research gives you a general idea as to what needs improvement and when a product is actually ready to be launched. More often than not, businesses are too eager to let their fancy, new, innovative product into the world without stopping to think if other people think it’s fancy and innovative.
Market research is the transparent glue that holds companies together and guides them towards success. It creates a relationship between the customer and the company, helps companies adapt and see new opportunities, and lowers the overall risk of doing business. Marketers seek problems so they can offer a solution, and if companies want to remain relevant in this modern and ever-evolving market, they need to assess all of the assets that market research offers.
To read more information on market research, visit https://www.forbes.com/sites/shawnoconnor/2013/04/23/step-3-for-a-successful-startup-the-importance-of-market-research/#13af035b3d55