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How can Market Research be useful?

We are living through an exciting time of constant change and technological revolution, which can lead to a lot of volatility and uncertainty in all industries. Markets shift and change quicker than ever before and if you don’t keep a critical eye on what is happening, you might lose your competitive advantage. Although some companies have the resources to allow them to do this in-house, others choose to outsource their market research and analysis to companies like Prospect Research, to get unbiased feedback.

Discover what your prospects think about your competition

Knowing what your prospects think about you in comparison to your competition and why they sometimes choose the competition over you, is valuable when building strategies to grow or retain market share. This information can help you make informed decisions regarding pricing, marketing channels and the introduction of new products or services.

Examine and solve business challenges

If problems have already been identified, market research can help your business work out what went wrong and what areas of the business need attention. It may be due to a new competitor offering a more attractive product or service, a negative event causing damage to your brand or a breakdown of customer service. Whatever the reason, market research can help you formulate a plan to address the challenges and improve business performance.

Identify potential new customers

The information gathered during market research can lead to the identification of potential new customers. It’s a non-threatening way to find out if your goods or services could be beneficial to them and an opportunity to gather information like email addresses and direct lines so future contact can be established.

Minimise risk

Gathering information before deciding to take action on a new strategy such as growth or development of a new product or service can help minimise the risk of failure. Through speaking to current and potential customers you may decide to take a different course of action that is more appropriate for the market demand, thus saving your company time, energy and money.