Accurate and thorough information is the foundation of all successful business ventures because it provides a wealth of information about prospective and existing customers, the competition, and the industry in general. It allows business owners to determine the feasibility of a business before committing substantial resources to the venture.
Market research provides relevant data to help solve marketing challenges that a business will most likely face–an integral part of the business planning process. In fact, strategies such as market segmentation (identifying specific groups within a market) and product differentiation (creating an identity for a product or service that separates it from those of the competitors) are impossible to develop without market research.
Top 10 benefits of market research:
1. Market research guides your communication with current and potential customers.
2. Market research helps you identify opportunities in the marketplace.
3.Market research helps businesses strengthen their market position
4.Market research minimizes any investment
5.Market research helps businesses discover their competitors’ strengths & weaknesses
6.Market research helps in spotting emerging trends
7.Market research provides revenue projections
8.Market research focuses on customer needs and demands
9.Market research helps evaluate the success of a business against benchmarks
10.Market research identifies challenges to market growth