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Market Research for Small and Medium Enterprises
Market research is vital for the survival and growth of your business. It allows you to reduce business risks and improve the competitive nature of your business. There are many different types of market research – it is vital for your marketing strategy, whether you’re starting a new business or expanding your existing enterprise. Far too many businesses embark on projects or ventures without proper market research. All too often, businesses fail as the result of a lack of or poor market research.
Market research gives us a better understanding of the needs and wants of the consumer – which products and services are in demand and which are not. Successful entrepreneurs minimise risks as opposed to taking risks and market research is the primary tool that enables you to reduce risks. Market research is the foundation of marketing. As a result, all elements of marketing and business decisions should be supported with some level of research.
For most successful businesses, marketing decisions are less risky when the marketer can select from more than one option. Market research does not always need to be elaborate to be effective. Whether you carry out the research yourself or hire a professional to carry out the process, research can increase the effectiveness of any of your future endeavours without breaking the bank.
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WHAT MARKET RESEARCH CAN DO FOR YOUR SME
In 2015, Market Research is a key tool for small to medium enterprises. It may seem like a time consuming process but what it brings to your business is invaluable. Let’s take a look at all the benefits of market research and why you need to use it…
Why Use Market Research?
- Reduce business risks.
- Spot current and upcoming problems in your industry.
- You can test customers’ responses to new ideas.
- Identify sales opportunities.
- Gets customers involved in the development of new products or services.
- Eliminates guesswork when you are planning a new marketing initiative.
Use Market Research When You Are…
- Launching a new product or service.
- Improving and updating customer service levels.
How Will It Help My SME?
If you are touching new product/service it will help identify:
- If there’s interest.
- How you are positioned in the market.
- Who the competition is.
- How big the market is.
- Who your target audience is.
Questions You Will Answer with Market Research
- Who are my customers?
- What do they buy now?
- Why do they buy?
- What will make them buy from me?
How Market Research Can Help Your Business Grow
Getting It Right From The Beginning
- If you are starting out: getting off to a strong start will be on the top of your objectives.
- Researching all of the basics as you go along is key.
- Helps you make smart, informed decisions from the outset.
Beating the Competition
- Checking out your competition helps uncover potential opportunities for your business to improve and prosper.
Knowing Your Consumer
- Having a great product is not enough.
- Market research gives you a chance to know your most important stakeholder – your customer.
For which activities do you rely on market research for the most?
- Strategic Decision Making (30%)
- New Product Development (30%)
- Brand Perception (17%)
- Market Share (11%)
- Product Positioning (10%)
- Pricing (2%)
Results from Market Research Help
- Keep track of trends and future markets.
- Identify areas for expansion.
- Draft effective strategies for campaigns.
- Set realistic targets for business.
- Beat competition.
- Optimize result.
You Have Data! Can I Do It Myself?
- Data collection is the main cost of market research.
- Simple analysis is often overlooked.
- You may have research internally.
- Many consultancies can analyze data.
- Complex analysis requires a specialist for
- Loyalty programs
- Customer tracking
- Professionals know how to select the right audience.
- Experts are neutral third parties they give you a true gauge of what people really think about your business.
Do you feel that the disciplines and marketing research are merging?
- 86% Yes
- 14% No
What the Experts Say
“Research is like motorway lights, it can’t tell you where to go, but it can reduce the risk in how you get there.” – David Newberry, author and founder of Market-In360.
“Marketing without data is like driving with your eyes closed.” – Dan Zarrella, awared-winning social media scientist and author.
“Advertising people who ignore research are as dangerous as generals who ignore decodes of enemy signals.” – David Ogilvy, advertising executive popularly known as the “Father of Advertising”.
“The aim of marketing is to know and understand the customer so well, the product or service sells itself.” – Peter Drucker, management nad consultant guru.
*please note that these experts are in no way affiliated with Surveygoo.