ADVANTAGES OF MARKETING RESEARCH IN A COMPANY
1. Market research guides your communication with current and potential customers. Once you have your research result, you will have enough knowledge on how to have the best communication with your customers and those potential ones on what their likes and dislikes and this can be a way to attract them with a new product tailored just for them. 2. Market research helps you identify opportunities in the marketplace. Research might make it obvious that a new product you have planned may not be what your market wants or needs. You may then decide to make modifications on what you are going to offer to suit your audience. 3. Market research helps you minimize risks.
Through Market research, you may find all the information you need and avoid the risks in launching your product. 4. Market research measures your reputation.
It is also a way to know how your product go against your competitor and help you develop your product to change the perception. 5. Market research uncovers and identifies potential problems. You can get consumers’ reaction to your new product and you can still improve it for further development. 6. Market research helps you plan ahead.
Research can estimate the likely sales of a new product/service and also the advertising expenditure required to achieve maximum profits. 7. Market research can help you establish trends.
You’ll find that you have a lot of data to be able to analyse your customers and establish any particular trends. 8. Market research helps you establish your market positioning. It’s important to know the position of your business at particular moments in time. Information from market research helps you benchmark and monitor your progress, which can be useful to make decisions and take action. 9. Market research can determine the most persuasive ‘promise’. Every brand needs to make a promise. It needs to be simple and Market research helps to determine what...
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