Top 6 Benefits of Market Research

Market research keeps you one step ahead of your competition.

Here are some of the top benefits of using this sometime under-utilised marketing tool:

1. Communicates the right message

Market research guides your communications with current and potential customers. This is done by helping you formulate effective ways of reaching and engaging your target audience.

2. Kicks up opportunities

Market research can help you uncover ideas and opportunities in the marketplace before your competition spots them. These could include a key area of expansion, a new product/service or an opportunity for an alliance with another local business.

3. Minimises risk

Market research can save tons of money by making it obvious that a new product or service you’ve planned is not what your market wants or needs at the moment. Sometimes it’s best to double check what your market really needs.

4. Clarifies positioning

Market research can clarify and help articulate your market positioning. This will uncover or confirm your unique selling/value proposition, opening up new possibilities.

5. Helps change perceptions

Market research measures your brand’s reputation, and that of competitors. This helps you take action to change perceptions, if needed.

6. Maximises profits

Market research helps you plan ahead and estimate likely acceptance and sales of a new product/service. This allows you to plan the most effective marketing spend to achieve maximum profits.

Bringing it all together

Market research is integral for staying on top of competitors, and is always a worthwhile investment for organisations to remain relevant in the market.

Still not feeling confident about using market research? Visit our blog to learn more insights into market research, including how to get better value out of your market research spend. You can also read about the essentials of creating online surveys, and see examples of market research in the health and professional service sectors.

 

Can we help you with your next market research project? Contact us via our website or call us today 02 9555 6115.

 

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