In 2016, market research is a key tool for small to medium enterprises. It may seem like a time consuming process but what it brings to your business is invaluable.
Market research is the foundation of marketing. Market research is crucial for the survival and growth of any business – it allows you to minimise business risks whilst improving the competitive nature of your business.
There are various forms of market research – it is vital for your marketing strategy – whether you’re starting a brand new business or simply growing your existing enterprise.
In recent times, many businesses embark on costly projects and ventures without any form of market research.
For many of these businesses, this leads to failure as a direct result of a lack of/poor market research. Market research gives us key understandings of what consumers want.
Which products and services are in demand and which are not? Studies show that successful business owners reduce risks by making market research a primary tool that allows for this to occur. Consequently, business and marketing decisions should be supported with a level of research.
It is important to note that market research does not always need to be intricate to be effective. Whether you carry out the research yourself or hire a professional to carry out the research for you, in most cases it increases the effectiveness of any of your future endeavours without breaking the bank.
The team at Surveygoo created this infographic that gives you all the reasons why you need market research to help you and your SME.
Download: Sample Marketing Plan Template