Market Research Benefits
Why bother with Market Research?
Well, Market Research is one of the most vitally important things in the world when considering existing, emerging or unknown markets.
Follow this handy list of 5 reasons why Market Research is beneficial.
Also check out our Top 5 Market Research Mistakes and 5 More Market Research Mistakes (And How To Avoid Them).
1) Market Information
Well, duh. Obviously, information is important in the marketing world.
But the type and quality of information you gather is just as important as the act of gathering it itself.
Quality Market Research will ensure to cast a wide net over the target demographic and then consolidate that information into an easily identifiable format where you can pick out exactly what does and doesn’t rock your customer’s boats.
There’s no use asking the four guys standing at the bus stop what they think of the new BMW Z4 Concept because, chances are, their choice of public transportation in 40°C is not a quirky character trait.
Oh, did I mention they were clowns, too?
2) Future Planning
Market Research can help you plan your future products and services accordingly. You can see what’s most desirable among potential and existing customers and see how you can fit into your current business plan or adapt your business plan to suit these needs, such as the now commonplace use of Intelligent Verbatim in the transcription world.
With a good marketing plan you can estimate how much you need to spend on advertising and through what channels you want to advertise. Do your potential new customers seem to lean more towards Twitter? Maybe an advertising campaign there might be more suitable than Bing.
3) Lessen Risk
Proper use of Market Research can lesson the risk you’re putting your company in by giving you an insight into the potential success of certain ideas.
You can ask a group of potential customers how they might react to a specific product and by collecting the data from their responses you can see how well or poorly your product might perform.
If it performs poorly, well it may not be the right time or place to unveil it.
I now present to you, the iPhone IV… It’ll catch on in a few years, you’ll see!
4) Identify Opportunities
Market Research can identify gaps and niches in markets you either didn’t know existed or had overlooked without realising it and can provide benefits to a business by showing why people choose them over their competition.
Tapping into a gap in the market can have a massively positive outcome for any business
5) Provide Useful Insights
A good Market Research company, teamed up with a transcription service can quickly and easily turn ideas floating around the heads of customers into useful insights into possible trends and expectations of the market.
So, there you have it. Market Research can provide a tonne of benefits to your business model, so buck up and start looking into some of the best Market Research companies in the UAE.
Do you have a favourite Market Research company here in the UAE? If so, let us know.