Why marketing research is indispensable for any business Juli July 25, 2022

Why marketing research is indispensable for any business

Marketing research

Marketing research: features and advantages of the approach

Effective promotion of a company or its product is impossible without a thorough study of the target audience. Only by analyzing the needs and problems of potential customers, you can find the perfect approach to them. An important point is the study of the market and competitors, which will allow you to avoid mistakes and act in accordance with trends. In order to get such important data, marketing research is carried out.

This tool implies the collection and processing of data about the market situation, competitor’s activity, and consumer analysis. Marketing analysis collects and provides information that will minimize the risk of business failure, helping to choose the right direction for brand building. In addition, this tool provides answers to important questions that affect the business:

  • why some products succeed and others fail;
  • why about 20% of potential customers do not make a purchase, although they were one step away from it;
  • why products or services lose relevance over time.

Marketing research reveals trends in the marketplace – thanks to comprehensive analysis, you can see the overall dynamics and build a strategy around them. In addition, this tool helps to understand how competitors have succeeded, and some of their solutions will be useful for your business. 

Marketing research-2

Separate attention in marketing research is given to the study of consumers. In the process, a portrait of the potential client is formed with all his problems, requirements, and methods of their satisfaction. Such information allows getting closer to the target audience and choosing the most effective approach for increasing the customer’s loyalty. Thus, it is possible to find out what customers want and on the basis of this information plan the release of new products. 

Conducting marketing research is a time-consuming and costly process, but its results outweigh these disadvantages. The fact is that the data obtained in the process also works in the long run. For example, by analyzing competitors, you can identify their strengths and weaknesses, see mistakes, and avoid them in your company’s operations. 

Such research provides an excellent foundation for developing a business promotion strategy, based on numbers and real cases, rather than on the popularity of a particular approach.

Marketing research comes in many varieties. Market analysis is considered the most popular, which provides information not only about trends in the segment. It also evaluates competitors and identifies potential difficulties a business may face. The study of goods and services, their value to consumers, and the demand for them in a particular case are popular. Such an analysis reveals what difficulties customers have, and how satisfied they are with the product sometime after purchase.