5 Good Reasons for Marketing Research
Research isn’t for everyone. I have a very good friend who says he cringes every time he steps into a library. Like my friend, many people don’t like to find out stuff from having to look for it on dusty shelves on even on the Internet. But that doesn’t mean you shouldn’t do it.
Here are 5 good reasons for marketing research.
1. When launching a new business or product, it’s critical to get evidence in order to make sound, rational decisions. How will you know that you business or product is needed?
2. Understanding what the market wants is vital to success. If you want to know what to sell, ask your target market.
3. Knowing who the competitors are is necessary to positioning your business in the industry. You need to differentiate what you have to offer in order to stand out from the competition.
4. Understanding what your existing clients like about you (or dislike) will give you an advantage. Knowing what customer think will give you the opportunity to capitalize on what you do well and change what you can improve upon.
5. The industry keeps changing. Knowing what’s going on your industry will give you clear insight for what moves to make (such as new product development).
Do you know where your company stands? If you want to find out, it’s time for you to do some research.
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