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Why is Market Research important ?
by Martin Day
Published on this site: June 23rd, 2005 - See
more articles from this month...
Market research is an essential part of any business that wants
to offer products or services that are focussed and well targeted.
Business decisions that are based on good intelligence and good
market research can minimise risk and pay dividends and by making
market research part and parcel of the business process and conducting
market research throughout the lifecycle of a product or service
market research will bring the following benefits:-
- Market research will help you better communicate - Your
current customers experiences are a valuable information source,
not only will they allow you to gauge how well you currently meet
their expectations they can also tell you where you are getting
things right and more importantly where you are getting things
wrong.
By asking the customer you not only show them that you care but
you also take the guess work out of customer services.
- Market research helps you identify opportunities –
If you are planning to operate a new service and want to know
the preconceived attitudes people have then market research can
help, not only in evaluating the potential for a new idea, but
also by identify the areas where a marketing message needs to
honed.
- Market research will minimise risk - Market research
can help shape a new product or service, identifying what is needed
and ensure that the development of a product is highly focused
towards demand.
- Market research creates benchmarks and helps you measure
your progress - Unless you measure you may not be able to
gauge how well your business is performing. Early research may
highlight glaring holes in your service or short falls in your
product, regular market research will show if improvements are
being made and, if positive, will help motivate a team.
Martin Day is a Director of Survey Galaxy Ltd a web site
that allows anyone to create, design and publish online surveys.
For more information please visit http://www.surveygalaxy.com
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