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Why is Market Research Important

Market research is an essential part of any business that wants to offer products or services that are focussed and well targeted. Business decisions that are based on good intelligence and good market research can minimise risk and pay dividends and by making market research part and parcel of the business process and conducting market research throughout the lifecycle of a product or service market research will bring the following benefits.

Market research will help you better communicate – Your current customers experiences are a valuable information source, not only will they allow you to gauge how well you currently meet their expectations they can also tell you where you are getting things right and more importantly where you are getting things wrong. By asking the customer you not only show them that you care but you also take the guess work out of customer services.

Market research helps you identify opportunities – If you are planning to operate a new service and want to know the preconceived attitudes people have then market research can help, not only in evaluating the potential for a new idea, but also by identify the areas where a marketing message needs to honed. Market research will minimise risk – Market research can help shape a new product or service, identifying what is needed and ensure that the development of a product is highly focused towards demand.

Market research creates benchmarks and helps you measure your progress – Unless you measure you may not be able to gauge how well your business is performing. Early research may highlight glaring holes in your service or short falls in your product, regular market research will show if improvements are being made and, if positive, will help motivate a team.

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