What if you could monitor what your competitors are doing, and get one step ahead of them?
You can – by conducting market research.
Market research should not be a one-off activity within your company. It should not just be done before a big launch. Actively and continually gathering this data keeps you in touch with your customers and will help you gain a competitive edge.
Here are five ways market research can make a huge difference in your business.
1. It Helps You Zero in on the Right Customers
You know who your ideal customers are. But do you know where to find them? Market research helps you identify where these customers are hanging out and what they’re doing so you can target them more effectively.
2. It Focuses Your Business on Your Customers
With all the internal distractions in a larger company, it’s easy to forget that the customer is supposed to be the focus of your attention. Market research keeps your organization engaged with customer needs – and keeps your team’s eye on the prize.
3. It Helps You Identify and Solve Problems
You are not your customer. You might not even realize there’s a problem – unless you are actively asking for input. Market research helps your organization recognize problems and then identify solutions to them.
If you knew that 40% of your customers had only mobile phones in their household – not landlines – would that make a difference when it came to buying a list of home phone numbers for your sales reps to call? More than likely. The more information you have, the better decisions you can make. Get the research and insights to motivate your marketing decisions and you’ll realize higher sales success. (By the way, according to a study by Pew Research, that statistic is true for the U.S. About 40% of American households are mobile only.)
The only way to know what your customers are up to is to ask them. Not just once, but continually.
You don’t need a crystal ball to anticipate the market. You just need good market research. Figure out where your customers are spending their time, what they think of your products and your competitors’ products, what trends are emerging, what your competitors are up to, and what your customers need from your company to feel not just satisfied but loyal. Market research gets you ahead of your competition – and ahead of the game.