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Research informs decisions; good research helps ensure business success. Investigation, experimentation, analysis: when done correctly, these and other types of research endeavors provide a solid foundation on which companies can develop actionable objectives and build winning business strategies. Here are five ways market research surveys, in particular, reduce risk and support profitable business outcomes for any type of company:
Market research surveys can provide a relatively quick and easy way to gauge overall market conditions, including current market size, level of saturation and any potential risks to its growth. Maintaining awareness of the trends affecting a specific market or industry as a whole means a company within that market is more fully equipped to anticipate changing patterns of consumer behavior and needs and pivot course when necessary.
Of course, market research surveys are also great tools for digging deeper into the demographic data surrounding customers, both actual and potential. Who’s purchasing a company’s product(s)? What’s their gender; age; ethnicity? Where do they live; work; shop? How much money do they have? Do they have an education; kids? Surveys can help companies answer these questions, as well as probe the reasons behind customer behaviors (i.e., why they buy — or don’t buy — certain things). With this information, companies can construct ideal buyer personas and create products and marketing materials that address each one’s unique needs and characteristics.
In addition to defining their ideal customer(s), companies need to stay abreast of their competition. Market research surveys allow businesses the opportunity to identify competitors so that they can learn from their best practices, avoid their mistakes and, thus, remain competitive within the market.
Customers can’t buy a product if they don’t know it exists and won’t buy it if they don’t trust and believe in it. Thus, the level of recognition a company has within a market directly impacts its bottom line. Market research surveys help businesses measure the extent to which customers and prospects recognize their brand and associate it with positive things so that they can work to either improve or leverage their presence within the market.
Finally, market research surveys provide valuable data with which companies can benchmark their growth. Comparing past data to current results enables businesses to see how well (or not) their decisions are impacting their growth and profitability over time, allowing them to make modifications as needed.
Market research surveys are valuable tools for all types of business. To learn more about them, as well as other market research methodologies, and how they reduce your risks and safeguard your company’s success, please contact our team at Research America. With offices across the nation and decades of experience, we can help you design a market research plan that delivers actionable results.