Market Research Contributes to Overall Business Growth – How?
Data holds all the answers you need as marketers or key decision makers. Contrary to popular beliefs, it doesn’t only help you improve your targeting or devise an impactful campaign. It will help business owners or product managers to get valuable insights regarding the feelings, attitudes or preferences of your audience.
Thus, guiding the decision makers at every stage of product development starting from creating a roadmap, testing, to launching new deliverables and strengthening your brand’s position in the market.
Let’s see how exactly this works.
A Knorr survey revealed that more than 75% of millennials were most likely attracted to someone who enjoys the same flavors. The same insight spurred the “Love at First Taste” campaign that there was a 15% rise in the purchase intent across key markets. That’s how an effectively analyzed customer feedback can help you unravel findings that can improve your bottom line results.
Before we move on to more reasons as to why you must invest in market research at every step of the way, let’s understand the different types of market research surveys that make the most sense.
— Brand awareness surveys – This allows businesses to understand how consumers perceive their brand along with its positioning compared to others.
— Customer satisfaction surveys – This particular survey allows businesses to screen which of their customers are leaning towards brand loyalists or evangelists.
— Product-based surveys – It helps brands to understand how their product is fairing in the real world or whether the product is meeting the needs of their target market.
— Competition-based surveys – This allows businesses to delve deeper into feature-by-feature comparisons, thereby enabling them to mitigate weaknesses.
Let’s get back to where we started!
How a Market Research Survey Helps Businesses?
First things first. A market research process allows companies/brands to get inputs from their target market. But that’s not the only reason why brands should opt for it in the first place.
Earmark Funds to Strategies That Will Drive Success
It is no surprise that a marketing budget takes most of the time and money. But if you are not sorted in your strategies, all your investments will turn out to be a fail, irrespective of the type of tactics you consider.
A market research survey allows businesses to understand key aspects of their target market, like potential market size, optimal product prices, anticipated user experience, and so on. Thus, enabling them to make informed decisions that drive success.
Get an Exact Idea of Audience Perceives Your Brand
Utilizing time in creating new products won’t matter much if your target audience does not resonate with your brand. Shockingly, even the best innovations won’t deliver the results if the target audience is not comfortable with your brand as a whole. This is where a customer engagement platform comes to the picture. It will help you ask the right questions directly from your customers. You can ask them as to what they think about your brand compared to others.
Get Valuable Insights Before Launching a Product
If you don’t know whether your product meets the needs of your target market, the best way to find it is by conducting a market research. You can use this feedback at every stage of product developing, right from the ideation stage to the final product.
Doing so will allow businesses to gain insights into product development, innovations, and the improvements that will drive sales.
For instance, when researching, you can ask questions like:
— How is your product performing as compared to others?
— Is it reliable enough?
— Does your marketing message make sense?
And when testing, you might ask questions like:
— What is your advantage?
— What features do consumers like in your product?
In The End- Set a Goal and Start Your Market Research
With so many products and services in the market, don’t let the saturation impact your business goals and results. To do that, you must understand the importance of conducting a market research and how it will help you shape your customer journey.
This is why you must consider the best ways to get your answers. Don’t depend on phone or focus group surveys and expand your horizons to reach a wider audience and grow your business online.
References:
Communications for Research
SurveyMonkey
