WHY MARKET RESEARCH?
If you landed on this page you are probably considering Market Research for the first time. Here is why we believe market research is so important for your business.
Market research is a crucial tool to utilize when you’re launching a brand, a product, trying to improve your existing service, or when you’re just looking to have a competitive edge. It will provide you with powerful information you need to make better business decisions.
“The market research my company did with HARK Research allowed me to fast forward and learn things about our clients we did not organically know. We took that data and built new products and services that we already knew our clients wanted. This enabled us to see a return faster than trial and error.” - COO of Artsy Couture.
We outlined the 7 things that market research can do for you in the process of product development & business growth:
1. It is crucial for a better understanding of your customers
Who will buy your product? Who are your ideal customer personas? How often will they buy? What do they need? What do they want, expect?
The more answers you have the more understanding you’ll get. This will result directly in meeting the customer’s needs better than your competitors.
Market research will help you map out the full profile of your ideal customer. Knowledge of your customers will help you determine the market size and what triggers them to buy. You’ll gain valuable insights like their age, location, gender & income, which will help you in creating effectively tailored marketing and pricing campaigns.
2. Understand your existing customers by market research
Similar to the above point, businesses should also take the time to understand who their existing customers are.
Here are some questions to ask:
Why do your customers choose your products over your competition?
How do your customers use your products?
How do your products solve a challenge?
Who or what influences their purchase decisions?
What do your customers enjoy doing, watching, and reading?
Understanding how your existing customers use your products as well as what challenges your products solve will help businesses improve their products as well as identify upsell opportunities with existing customers.
Market research will help assess the market to identify both key players and those on the rise. Furthermore, it will help you find the weaknesses in your competitor’s approach. These are gaps that you can utilize to gain more customers. You can also learn what performed the best for the competition. In turn, you will be able to think more creatively while modeling your new strategy.
Knowing as much as you can for your competition will be pivotal to the success of your business.
3. Testing your idea before launch
Testing is a crucial part of learning what works before jumping into a large business investment. Every business decision possible should be tested before fully exposing to your target audience. By market testing your idea or product, you will save yourself from additional expenses, headaches, and most importantly, from delivering a bad product to the marketplace.
You can never be 100% sure that your product will instantly connect with your potential customer. With market research, you’ll find out what approach you should take when marketing the product. You’ll also find the key message that resonates with clients.
4. Develop new, effective strategies by understanding your market
Based on your market research results, you can make more informed decisions regarding the pricing, distribution channels, marketing mediums, or to identify opportunities to introduce a new product or service.
These results will also help you to make more informed decisions about your existing operations and activities. Should you expand or reduce? Is there room in your current operations to diversify? Are you targeting the right audience with your marketing activities.
5. Solve your biggest business challenges
If you have already identified a problem in your business, conducting market research will help you determine the source of the issue. For example, by conducting market research, you can determine if a new competitor has entered the market or if brand awareness has fallen short, causing a decrease in sales.
6. Prepare for possible business expansion by getting the right data
Market research helps you identify areas for possible business expansion. It offers the opportunity to test the market to determine if there is room for a new product or service. You can also conduct market research to find the best location to open a new store.
7. Identify new business opportunities by identifying gaps in the offer
Conducting market research may help you discover new markets that are under-serviced or demand service. You may also identify changing market trends due to new housing construction, increased levels of education, or other changes that will bring new opportunities for your business. All in all, market research isn’t just for new startup businesses. Businesses of all shapes, sizes, scope, industry and experience levels can benefit from market research. Market research can help businesses learn about new and existing customers, identify issues and solve problems, and even help explore new opportunities that pave the way for business growth.