Market research is vital for the success of your enterprise. Depending on the nature of your business, your market research needs will vary. Although most companies are aware of the importance of market research when starting out, many overlook the fact that market research should continuously be a part of your ongoing market strategy.
Market research is an incredibly valuable tool in order to help you find information about your competition and potential new customers as well as beef up your subject matter expertise (SME).
Key information areas include who offers similar products/services to you, who has a need for your product or service and how much are they willing to spend. Market research can help you define how much people are willing to spend, how often they will utilize the product or service, and what specifics they are looking for within the industry.
The information you gather from this will help you stay ahead of competitors and have a greater understanding of the necessary products and services that relate to your market’s wants and needs.
Surveygoo created this infographic that gives us all the information on how market research can help you and your SME.
Neil Cary is the founder of Surveygoo, an online survey company. Neil is a market researcher with more than 20 years’ experience managing complex surveys. He decided to create a simple cloud based survey tool which would allow users to script their own surveys, and target consumer audiences, drawn from quality assured, responsive research panels. Thus Surveygoo was born!