Why is Market Research Important for Business

Market Research is a vital element in developing an organisation’s business and marketing strategy, by providing critical information about the market and business landscape. It is often credited with helping in giving businesses direction and staying on top of what their customers want. Organisations need to understand not only the current market scenario, but also how it will be shaped in the future. Market research can forecast these future growths and trends with very high accuracy. The core focus areas of Market Research are

  • Customers: Who they are, what they want, how to meet their needs?
  • Competition: What they are doing? What are their strengths and weakness? How to competitively position against them?
  • Market: What are the trends and opportunities in the market? How can brands use this opportunity effectively?

Market research enables organisations to make strategic decisions based on the information gathered from the target customers. For any organisation, this exercise will help in

  • Stay in touch with customers’ changing attitudes and purchase patterns
  • Better understanding of market opportunities
  • Better marketing campaign decisions
  • Reducing the risk by analysing the demand for products or services.
  • Developing the marketing mixes (price, promotions, etc) to match the needs of customers

Today, leading brands enjoy leading positions because they regularly conduct market research and are on top of the ever-evolving customer trends. Itqaan is a leading market research and advisory company helping customers understand their customers and markets better.