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Market research is a part of business and your marketing plan which should never be forgotten or taken for granted. It is like you window shopping before you commit to walking into a store, it gives you as a business the opportunity to see the market for what it really is and assess the trends. If you want to succeed in your this year, you should be spending more time on your market research, and here's why...
You'll understand your audience
The main reason why businesses carry out methods for user research and market research is to better assess our audience and begin to understand their wants and their needs. Do your customers need a new type of product and are they asking for new colours in your existing range? By carrying out research such as social media polls and questionnaires you can find out where your audience stands and what kind of things you could do to make your business better for them and for future customers.
You can find out new things
When we are working in a particular niche it can be easy for us to get so wrapped up in what we are doing day to day that we are oblivious to new developments in the market. When you go out to conduct some research in the wider world you can be exposed to new innovations and technologies and this can give you a huge boost of inspiration for your projects. It can be really useful and it will allow you to beat your competitors to the punch and make more modern products.
You can identify a new target audience
Target audiences can be difficult to identify at times because if you are selling a neutral product it might feel as if everyone will be buying it. However when you start delving into market research you will begin to see exactly who your audience are and what they like, and this can also open the door for you to search potential new customers. If you can widen your product range to capture more people you can make more money and be a better success.
You'll see opportunity
When you are market researching and you are comparing your product range to the market in general you might be lucky enough to see a gap. When you spot a gap in the market it can be a wonderful thing because this gives you the perfect opportunity you to come up with a service or product which no one else is offering to their customers. You can really reach new heights by filling this gap and being the only company to hold such a niche in the market.
It's a good marketing tool
Market research is good for marketing as a whole because it allows us to look wider than ourselves and see what the world is up to. We can monitor competitors and see what kind of and products they share, see where our customers are engaging with the brand and work to improve our strategy as a result.
