Market Knowledge : Key Factor in the Success of Your Business
November 9, 2012 § Leave a comment
They say that “information is power”, but if in your business, market research may be the key factor in the success or failure of your business. So how well do you know your market? Find out with a click.
If you ever wondered: Why this customer buys from your competitor and not you?, What are the buying criteria my client?, What is really my niche?, How does the client our product?, what is the current position of my brand? or, what was the impact of the advertising campaign I made? The answer to all these questions can be found with a market study, which will provide important and timely information about any of these things. The most important benefit of market research is that the information generated from a study, you can perform the correct decisions or future of your company, whether in matters operational or financial. Yet the benefits of market research are manifold, among which we can mention the following:
1. React quickly to market changes. Living in a globalized and highly competitive world, companies need to be very attentive to the changes that arise in the vicinity of each of them, allowing them to learn new segments, trends, changes in behavior consumer, changes in selling habits, all this represents a competitive advantage because it is a way to anticipate the wants and needs of the market, even before the competition.
2. Optimization Resource. Sometimes the investment of an advertising campaign or launching a new product, it is usually very costly and not very profitable, if not fully known market needs, as well as the criteria for purchasing these. We cannot spend on advertising high believing that is the best strategy without even knowing and analyzing before is what our customers think, want, thet need. It is essential to know why you’re thinking, in order to meet your expectations, thereby obtaining better results.
3. Development of appropriate strategies. Certainly market research gives us key information for planning the technical and economic aspects of a business, giving us the ability to identify areas of opportunity that can help us to develop effective strategies. Example: identification of new marketing channels, launching promotions, product enhancements or service, etc..
What kind of decision supports Market Research?
– To find out if you should be promoting and advertising in a given time
– To consider entering a new market
– For feasibility raise prices
– To consider the implementation of a new product or service
– Customer is satisfied with the product or service you offered
No doubt the power of information is undeniable and always represents a competitive advantage in any area of our lives. However that information has a market study validity and Representative it requires a good research design, the may be based on the use of various techniques and define the type of study, which can be either a quantitative or qualitative.