Readers Digest
Magazine subscription Podcast
HomeInspireDown to Business

Market research and your business: Going hand in hand to achieve success

Market research and your business: Going hand in hand to achieve success
Market research is a comprehensive process that aims to discover the objective parameters associated with bringing something new to a market. The analysis is conducted to determine how well a certain product or service will do in a given environment, depending on the interest for it, as well as the presence of competitors and whether or not a niche is already at risk of oversaturation.
Market research is conducted directly with potential customers to achieve optimal results based on feedback and opinions, as well as how likely it is that a customer group will purchase certain items.
Its importance for business development cannot be overstated, but how exactly does market research help your brand? What are the practical procedures you’ll have to follow, as well as the results you can expect to see?

Primary Vs. Secondary

There are two main types of market research, primary and secondary. The former is drawn by the companies themselves or by the specialised agencies they opt to work with, while the former considers external sources and data. The process is multifaceted, so enterprises will get comprehensive answers to their problems. The information must then be thoroughly analysed to establish the correct conclusions based on which businesses select their development strategies.
Primary research is divided into two further categories, exploratory and specific. The first procedure includes the use of questionnaires and interviews and seeks to discover any possible issues within the business that must be promptly addressed. Specific research takes on this process and looks deeper into the problems identified by this type of research. Meanwhile, secondary research is based entirely on the findings of several other researchers.
Their work focuses on consumers' needs and requirements and what they expect from the brands they shop from. A large portion of research based on these subjects can be found online. It can also include additional associated reports, census data, results derived from polls, and other companies operating within the same sector so that the answers are customised based on the marketplace where your enterprise activates.

How it helps

When performing market research, you should look to only obtain the best results possible. For this reason, the ideal option is to work with a professional agency with considerable expertise in the field. Savanta market research company inspires its clients through the use of consulting, empowering tech and relevant data. You’ll be able to improve your pitches, grow your brand and discover groundbreaking insights that change how you approach business development and performance.
When you can guarantee that the data you work with is fully accurate, you give your company a distinct advantage compared to competitors. In today’s highly challenging market, with steep prices and inflation, environmental concerns and the emergence of multiple brands within the same sectors, you must diversify your strategy to ensure you’re not ousted from the market.
Accurate market research gives you an objective view of where you stand within the marketplace compared with your competitors and how many customers you can attract and retain. It can also help you paint a clearer customer profile and establish which demographics are more likely to buy from you. Those are the individuals you should focus on since it’s crucial to foster a loyal customer base that’ll continuously choose your products. As for those that don’t fit the profile, market research offers an opportunity to ask them what their reasoning is and what you could do to change the situation.
Apart from helping you learn exactly what your clientele thinks about your products and how well you manage to address their needs, it also enables you to establish a more comprehensive development strategy, as you’ll discover the areas where you’re lacking. Knowing what areas you could improve is the best step to becoming better.
And, of course, market research allows you to decide whether new ideas are worth your time and resources, if it’s better to put them on hold until a more auspicious time, or if it’s better to abandon them altogether and look elsewhere. This could include expanding to a different international market or introducing a new product or service. If you get the green light and are confident things will go well, market research, and with the right market research agency, will also help you decide on the best product packaging and the promotional choices that are most likely to yield positive results.

Customer-centric

One of the main advantages of market research is that it puts the customer front and centre. You already know that the businesses that are most likely to succeed are the ones that prioritise their customers and pay attention to what they have to say. Market research enables you to understand these demands in the first place, as well as find the best methods to meet them. Segmentation is one of the key aspects of this model, as it involves brainstorming all the possible demographic and geographic areas where your services or products might be appealing.
After that, you can focus your marketing on these areas as they offer the most profitable opportunities. Concentrating your resources in a region you know will yield results ensures the development of a winning strategy, as it means you won’t waste time and funds developing within a sector from which you won’t see any returns. Positioning is also crucial, as it allows you to find ways to do better than your competitors in key areas. It is the way in which you approach the targeted audience and focus on promoting your merchandise in a manner that’s appealing to them.
Market research is a must for any business looking to succeed, as it allows you to connect with your buyers much more effectively so that you can understand them and their requirements. Only by doing this can you provide the best solutions for them. Using a multipurpose approach might seem easier and more cost-effective, but it’s more likely to be costlier in the long run. But when your clientele sees that you’re committed to providing the best possible experience, they will likely return to your brand.
Banner image credit:  Image source: Photo by Jezael Melgoza on Unsplash

This post contains affiliate links, so we may earn a small commission when you make a purchase through links on our site at no additional cost to you. Read our disclaimer

Loading up next...
Stories by email|Subscription
Readers Digest

Launched in 1922, Reader's Digest has built 100 years of trust with a loyal audience and has become the largest circulating magazine in the world

Readers Digest
Reader’s Digest is a member of the Independent Press Standards Organisation (which regulates the UK’s magazine and newspaper industry). We abide by the Editors’ Code of Practice and are committed to upholding the highest standards of journalism. If you think that we have not met those standards, please contact 0203 289 0940. If we are unable to resolve your complaint, or if you would like more information about IPSO or the Editors’ Code, contact IPSO on 0300 123 2220 or visit ipso.co.uk