Whether you are about to open a new business or you have an already existing one, the importance of conducting a market research cannot be overlooked. Market research is not just done to know the people making use of your products or services, it is also done to follow up with what your competitors are up to; what are their newest product?? Are people comparing your product with theirs? What are customers saying? And so on.
Market research can help to reveal key aspects of your competitor’s products, services, marketing strategies, and target audience. Using this information for your own campaigns can put you ahead of your competitors and add value to your business or brand. Still wondering why do you need to conduct a market research?
Identify customers’ wants. If you do not conduct a market research, how will you know that your customers do not favour the small container of your product because it finishes quickly, and they would really prefer a bigger container? Market research helps you to identify what your customers think about your products and what you can do to improve your services.
Identify potential customers. If you do not conduct market research, you definitely would not be able to identify and attract potential customers. Some customers need your product, but they still need a lot of convincing. Market research helps you to identify these set of people; their age range, their income level, marital status, gender and other needed information, so they can be won over.
Set targets. Knowing who your customers are and their key demographic will help you in setting targets on how to meet their needs. If your business satisfies the needs of a wide range of people, your key target will be how to satisfy these people according to their age, sex and so on. For instance, your target for those between the age of 20-40 will be different from those between 50-70. Market research helps you with all these necessary information.
Expansion. When you do proper market research, you will be able to take note of areas that need your services most and then plan on expanding to those areas. If the North lacks plantain and the people consume plantain a lot, why not think of extending your plantain business to the North?