It guides you towards opportunities where you have the most room to innovate and take risks with the highest return potential. Being attuned to their customers’ needs and spotting a wide space in the market, they tweaked their video platform and launched YouTube. Take the famous “New Coke” example from the 1980s. What do they want, expect? We hope that this information helped you understand better why Market Research helps companies in making better decisions when they develop and market their products, as well as achieving business growth. Goals give you directions, help you remain in sight of the bigger picture, and set you on the path of continued success. Why is marketing research important for your business? It’s true in business too. After you’ve done your market research, it'll be clear to you who you want to... 2. To learn more about market research, don’t hesitate to contact me at If you aren’t a humungous company like Starbucks and cannot afford to host dedicated platforms to gain important information, invest in market research whenever you have a big decision coming up. It prevents you from making costly mistakes that could have been avoided and take steps that result in massive profits. What comes first, the market or the idea? Without solid market research backing your decisions, all you are doing is guess-work, hoping the results will be in your favor. Risk-taking is an important component of the business.

[INFOGRAPHIC] Why Is Market Research Important: We Give You 7 Reasons

. This article was originally published on BizzBee Blog. Knowledge is power. In a qualitative focus group setting include open ended questions and allow for flexibility for respondents to freely speak on a topic that might not have been covered in the questionnaire. Case studies are time-taking but provide extremely valuable information, detailed data, and in-depth analysis opportunities. Increased Sales. Where before you had to rely on face-to-face interviews, telephone surveys, or lengthy online questionnaires, now it’s all about short online surveys, instant case studies aided by technologies, and focused groups that are already available on your social media channels. Locked down pubs cost 1,300 jobs at Mitchells & Butlers, Five more years of austerity ahead, warns Resolution Foundation think tank, Britain will ‘spend its way out of crisis’ with lockdown savings, Co-op robot grocery delivery service expands to Northampton, Millions face cut in value of workplace pensions, Closed Christmas shop wins council reprieve, ‘Eat out to help out’: venues claimed more than £849m through scheme, Netflix to spend $1bn in UK in 2020 on TV shows and films, Chancellor warns of ‘lasting’ damage to UK economy as he announces emergency spending review, Economics of streaming are ‘threatening future of music’, says Elbow’s Guy Garvey, 6 new social media marketing tools the experts use, Getting to Know You: Pete Dowds, CEO & Co-Founder, Elder, Lawrence Stroll — the Canadian petrolhead leaving Aston Martin shaken and stirred, Design matters: 10 tips to improve your marketing with better visuals, Savile Row tailors predict end of the lockdown look and desire to dress up. Knowledge of your customers will help you determine the market size and what triggers them to buy. To prove this statement, let’s view why you should research markets. These are some of the budgetary tasks that your market research can help with: Everybody is into social media and through this medium to expose your business products and services. Does your business need a market exit strategy in place? The more analysis you do on their spending habits and products they frequently purchase, for instance, the better you can understand what makes them tick. While research and focus groups were extremely favourable of the new coke flavour, it failed to understand the significance of the brand affinity and nostalgia that consumers had with the original taste of Coke.