How Do Businesses Use Market Research?

How Do Businesses Use Market Research?
Business owners use market research to:

Determine the feasibility of a new business. Market research is an essential component of a business plan for startup businesses – if market research does not indicate a demand for the product or service the proposed business will not likely be viable.
Test interest in new products or services to respond to customer needs.
Find and develop new markets.
Monitor industry and economic trends and develop strategies to adapt the business to the changing environment.
Determine optimal product placement – when, where, and how should a product or service be distributed.
Improve aspects of their businesses, Subscription Management Video such as customer service.
Develop competitive strategies – for example, setting competitive pricing for products or services or determining how your products/services and customer service compare to the competition.
Develop optimal strategies for promotion – how to get the message out to the target market via branding, traditional advertising and/or social media, etc.
How is Market Research Conducted?
There are several ways that market research is conducted, including:

Customer surveys – These are conducted in various ways, including one-on-one interviews, “Satisfaction Surveys”, phone calls, mail campaigns, or (increasingly) online. Traditional mail and phone surveys are on the decline due to cost and the low rate of response (most people find them irritating). Many businesses provide a short customer feedback form in a prominent location on the premises (or provided with invoices) so customers can record their comments.

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