By Lauren Fenthum 

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It has been established that most company or product failures come from the fact that little to no market research has been done. The failure to prepare is preparing to fail. So why do so many businesses get this crucial step so wrong? Maybe it’s because many organizations do not fully understand the importance and benefits of marketing research.

Below are a few reasons why companies should make marketing research more of a priority.

Identifies new products/ services- market research allows you to keep up with trends, and how you can provide for the market needs. This can also help you to identify key issues and avoid making expensive mistakes for your business. By incorporating marketing research you are able to understand what is important to your customers and how you will be able to use these factors in your business.

Identifies potential customers- demographic data can give you a more in-depth understanding of who your customers are and what they are looking for. By making use of this key element, you are able to create a market segment and avoid marketing to the wrong type of customer.

Discovery of new marketing trends- because you now understand your market you can develop key marketing strategies that will help you attract those potential customers. Thus, by making use of this data and analyzing trends you are able to progress your business within the marketplace and stay relevant in the consumer’s minds.

Stay ahead of the competition- this is a great way to track your progress compared to that of your competitors. By understanding this data you can see what your competitors are doing better than you, this is a great opportunity to learn from your rivals, and develop strategies to help your business progress.

Identifies threats and opportunities- create a SWOT analysis for your business once you have analyzed the data collected from your market research. This will help you determine what needs to be worked on more and what opportunities present themselves within the market. This gives your company a sense of what is being done well and what could potentially threaten the success of your business.

Realistic goal setting- real-time data about your market and customer base can help you to set goals that are attainable. This allows you to establish a growth pattern over time and allows for relatively accurate predictions to be made of what the future for your business holds.

Thus, we can now see that the success or failure of a business is solely dependent on the marketing strategies derived from marketing research done within a company, surveying their products and services. Marketing research provides various ways to adopt the best strategy to help your business grow and reach the level of success you desire.
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