Why Companies do Market Research?
Market research helps companies achieve success in many ways – in particular enabling them to identify their target consumer, find out what existing and potential buyers think about your product or brand and gather business and consumer insights to help you improve your decision making and overall success. This short article looks at the question – Why do companies do market research?
This video nicely introduces the ideas of how consumer insight and marketing research can help you and why so many companies do market research. For further information read our article on Why Market Research Matters.
When should you do market research?
Market research should be part of your business strategy. It can be undertaken at any stage – from idea generation and exploring business issues, right through to product development and market testing. It is important to note that people’s circumstances and motivation change over time so you should really consider reviewing your research on a regular basis – especially when new competitors enter the market.
Why Market Research?
Here is a list of just a few ways that com
- Customer Satisfaction – Measure how satisfied your customers are and where improvements are needed
- New Product Development– NPD Research is essential for ensuring the success of your ideas and new products by helping refine ideas and concepts before they hit the market
- Advertising & Media Testing – Marketing research can ensure your advertising, website, pr and other marketing communications are optimised to engage and convey the right messages
- Brand and Brand Awareness – Understanding how people think about your brand, your USP, your brand story are all essential for building brand equity and value.
We work with organisations of all sizes, from start-up companies to large international brands – so if you would like to talk to one of our market research experts then please do get in touch.