How Market Research is Beneficial for a Company’s Growth
When we were students who didn’t understand a topic taught in class, we turn to research. We either interview classmates who got a handle on the subject or hit the books for more information. Market research is, in a way, similar to what we used to do when studying in the school library. Back then, we search for explanations from established experts; now, we look for answers on what our target audience wants and needs.
Market research is integral to a company’s growth. Without marketing, entrepreneurs will have difficulties creating a product that will cater to their customers’ needs. Lack of research will result to substandard merchandise, which results to investment losses and waste of resources. It can also drive a company to bankruptcy. Intensive research is needed to gain information to create sought-after products and win over competitors.
Other than product development and edging out the competition, what are other business processes that can benefit from marketing research?
1. Marketing Communications
Communications is important for a company. Thinking of proper words to say to make a product or service attractive is essential in producing marketing copies. The right words can make a marketing piece persuasive, and influence customers to buy the merchandise. This works for all types of businesses, whether in the hospitality and health care industry or construction and technology.
For example, an assisted living center uses inspiring and caring words to address family concerns for their elderly loved ones. A demolition firm, on the other hand, will use ‘tough-sounding’ words that assure clients they can break down old buildings to make way for the construction of new ones.
2. Media Placement
Well-done research helps entrepreneurs determine which medium is best for their marketing campaigns. Marketers weigh whether to choose traditional publications over web content to reach their customers. With market research, target demographics will be studied to see which media they frequently subscribe or listen to. This helps businesses find out what marketing content to concentrate on to expose their products and get the attention of their target audience.
Older people, 50 years old and above, prefer traditional media such as newspapers, television, and radio. The younger generation favors web content, while the middle-aged crowd, roughly the 35-50 years old group, likes a combination of both traditional and modern media.
If marketing is conceptual, then advertising is visual. Market research helps create advertisements that put across the desired message. These advertisements can take the form of television commercials, newspaper ads, online landing pages or banner displays.
4. Social Media
Marketing and social media has an interdependent relationship with the potential to pay big returns. Many entrepreneurs earn success through successfully marketing their business online. Although a relatively new medium, social media has proven to be an effective way to reach customers. It thrives on ‘personalized’ marketing, or marketing that focuses on customer engagement before merchandise promotion.
5. Brand Awareness
Without extensive research, marketers will have difficulties creating campaigns that will make a person notice a brand, become familiar with it, and immediately remember it at first mention. Market research encourages brand awareness and recall through finding out what makes a brand especially memorable for target customers. It may be a catchy phrase or tune, intriguing images or a well-known, charismatic brand ambassador expressing a persuasive message to your customers.
6. Crisis Management
Market research can help smoothen the thorny side of crisis management. Studying the target audience and performing analytics on your campaign can help you anticipate the problems and provide solutions. This makes it easier for service representatives to provide immediate solutions in a quick and reassuring manner. Studying your customers can also help you find out the best methods to approach and assist them regarding your merchandise. This shows a customer service-oriented image to your clients, which also makes the thorny side of crisis management easier to handle.
7. Service Improvement
Pleasing customers is not the only goal of market research. This also helps companies see where they are lacking to make their business processes smoother and more manageable. With market research you can employ time studies, workflow examinations, and website analytics to learn what you’re doing wrong. This will enable you to perform changes to make customer satisfaction easier to achieve.
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Proper market research helps companies grow to be one of the leading businesses in their own localities. If properly used, market research will help you maintain good business standing, even in economic downturns. Once you’ve established your business, make marketing a priority. This will help keep your business adjust to the dynamics of the times and your customers’ changing needs.