Importance Of Market Research For Startups
Market research is a vital component of any business plan, but unfortunately many startups either, ignore it or treat it as a one off ancillary function. Marketing research provides the necessary data and insight that allows a brand or business to understand what motivates their target audience. It also reveals market trends that will impact the manner in which the market responds to certain stimuli. Businesses that make market research a central focus in the development of their business strategy and marketing campaigns will discover that they have a decisive advantage in the area of competitiveness.
The global economy has proven to be fertile soil for the launch of small businesses; however, …show more content…
Depending on the products or services offered by a specific business, there will be a specific group that will be identified by any of a number of demographic factors, such as age, sex, profession, etc. Market research will provide a higher level of lucidity as far as the type of people who will be interested in what the business is selling. When a business understands who they are marketing to, they will be able to tailor their marketing and branding strategies to engage their audience with a high level of specificity, based on interests, needs and …show more content…
Setting Realistic Targets and Goals
Marketing research will produce the data that will allow company leaders and executives to set realistic goals as far as growth is concerned. From the information that is collected during the process of conducting market research, information will be categorized in order to serve as the foundation on which sales, growth and product service goals will be based. There is a huge difference between postulation, speculation and calculated projections. Market research offers a foundation on which accurate projections can be made on a number of different levels.
Developing Effective Strategies
Once a business has conducted the necessary market research, they will be able to develop efficacious strategies that are based on informed marketing criteria. Everything from pricing to release dates are determined by collecting and analyzing data through the process of market research. The collected data will also be very instrumental in determining which media channels should receive the predominant portion of the advertising