Although market research may sound confusing or intimidating, it's something all companies, big, small, and every size in between should be doing. Market research is a relatively straightforward process and is something you should be implementing in your business. So, why is market research important to any size business?
Increase Sales
A study in 2017 of 7,513 customers of a large auto dealership in North America examined how customer satisfaction surveys were financially beneficial. Those who completed a satisfaction survey bought more than customers who didn't. Sales per visit, on average were $12.18 greater among customers who filled the survey out.
Get a Better Understanding of Your Customers
The better you know your customers, the better you can meet their needs. Aside from the basic demographics (household composition, age, education, gender, ethnicity, income) running your market research online survey software can help you understand your customers' attitudes, motivations and perceptions.
Analyze a Product or Service
Marketing research survey software can help you analyze your product's weaknesses and strengths from an unbiased perspective. When you've been working on a product for years, it's only natural to get defensive by someone else's criticism. After all, you and your team may have placed countless hours, not to mention your heart and soul, into developing and delivering a product or service.
But market research isn’t simply limited to actual physical products. These days gathering feedback on the services you provide is just as important, whether your a full-scale service company or just has services as an add-on to your products.
Your survey tool allows your customers to provide feedback on your products and services, including criticism. And while this criticism may affect you, it's the best way to evaluate how a product is doing and where you can implement improvements. In many cases, you can receive this negative feedback through a consumer survey before it gets posted on an online review board.
Identify New Opportunities There are several ways you can grow your business and company. You can:
- Find new customers for products you already have.
- Develop new products for current customers.
- Add on a product or services to your existing line.
- Find partners to complement your products and services.
- Increase how often your customers make purchases of your existing products.
- Enter a new market where you have new products.
To figure out the best strategy, you can use marketing research.
Better Product Development
Whether you want to develop new products or services or optimize existing ones, market research allows you to identify the best combination of features for your products. What price and feature combinations will attract the most targeted customers? Marketing research will help you create the ultimate go-to-market strategy.
There's no way to improve and develop your company without market research. You should view each research project as an opportunity to not only improve your company value and bottom line, but also excel at satisfying the needs and wants of your customers.
|