Running a small business is quite a feat. If you are the owner of one, you are to be commended. Research tells us that eight out of ten businesses do not make it to the two-year mark. A successful business takes not just your hard work, dedication, and cash, but it requires a marketing plan, as well. Why is marketing research so important for a new business? Here are 3 reasons marketing research ensures your business is a success.
Tells you who your consumer is.
Marketing research identifies just who is buying your products or services. Why is this relevant? It is important for a few reasons. If you know just who (demographically) that you are marketing to you can modify or change aspects of the following:
- Added products
Tells you if you are on the right path with the consumer.
When you gather the data from your consumers and discover what they think of your product of services, you gain powerful insight. You may discover a certain part of your product is not resonating with the consumer. Conversely, other products may achieve high status with customers.
Tells you what to change.
You may discover your customers will give you feedback that helps you change your product or service to make it even better. Through marketing research data, you will acquire what the customer likes and dislikes about your product so you can modify it if needed.
To get the greatest benefit from market research, it is most helpful to secure a marketing consultant. This individual is experienced with all of the modern tools and techniques of obtaining, analyzing, and predicting market data. At Advanced Media Integration, we would love to discuss how market research can give you the edge on the competition. If you would like more information, please contact us today!