Why market research is vital and an absolute game changer
Market research is vital for SME. It is the process of assessing the practicality of a new product through various techniques. Techniques such as product testing, surveys, and focus groups. This allows business professionals to analyse and assess the viability of their product before investing large amounts of money. Whether you’re producing a new service, or developing a business idea, it is critical that you are realistic –will your product/service be a success?
With market research you are gaining perspective and being informed.
This enables you to make practical decisions. Essentially, this is why it is imperative for your business to carry out the correct research. Neil Cary from Surveygoo has created the infographic below that explains why market research is so important, as well as showing us why it’s so imperative for your enterprise.
Depending on whether you are a small startup business or a large company, your market research needs will differ. It is a common belief that market research is laborious and costly. However, over the past few years the surge in DIY market research methods has allowed business owners to carry out good quality research at a fraction of the cost.
The information and data that is gathered from market research is vital and gives you reliable data and valid unbiased results.
Therefore, it is of the utmost importance that you conduct both primary and secondary market research for your business. This will allow you to fully understand your product’s capability before it hits the markets. In 2016 most people are aware of the importance of conducting market research. Despite this, last year thousands of businesses shut down as a result of little to no market research. Find out how to use other tools for market research here.
For all the details on why market research is critical for your business, let’s have a look at the infographic below!