Why Do You Need Marketing Research?
Below are some prime situations where marketing research can be of value to the success of your business:
- Determining the viability of a new market for your company to enter.
- Estimating market size/share/adoption rate for investment or business planning.
- Identifying new product/service opportunities and value-added offerings.
- Risk management – identifying what risks pose the greatest threat to your business.
- Understanding what customers expect of you and how well you are delivering.
- Root cause analysis for lost business or customer defections.
- Identifying your most profitable customer segments and how to protect them.
- Developing the right price points/identifying bundling opportunities.
- SWOT intelligence on competitors to plan business strategies/identify M&A scenarios.
- Understanding how customers perceive your market positioning relative to competitors.
- Determining the most effective marketing/advertising channels to support your business.