How can managers use market research to identify and evaluate opportunities?
Market research is an integral component of every successful business, big or small. Whether you’re a fledgling startup or are already enjoying some success but are thinking of launching a new product, market research is a process you can’t skip. Here are some of the benefits of market research.
Limits your risk – no matter how brilliant your idea might seem, you won’t make any money if there’s no one buying it. Market research helps you identify your potential consumers and how large the potential market is.
Market research lets you give your concept a spin and see if it’s viable without risking all of your money. If it’s unsuccessful, you can pivot to a more profitable idea.
Identifies opportunities – through market research, you can locate existing customer needs and provide appropriate solutions that you can capitalize on. It also helps you give a broader insight into where things are headed, allowing you to plan for scalability.
Discovers problems before they happen – market research helps you understand your customers and their pain, thus giving you an overview of what they’re looking for in a new product or service. It identifies your competitors’ strengths and weaknesses which you can use to improve your products and services. For example, you can study consumers’ feedback on your competitors and avoid the same mistakes. This also allows you to develop a better branding strategy and focus your message to steal a portion of the market share.
Market research is a broad field covering many aspects, from market sizing to ad testing and surveying. If you want to work with an agency covering all these grounds, I highly recommend Kadence International. They are used by some of the largest corporations, such as Bloomberg, Unilever, Panasonic, Arla, and Samsung, and have offices across Asia, Europe, and the US. Visit their website for more info.