Marketers are so busy these days that they tend to forget many things about what should and what should not be done. Out of all the things that tend to be forgotten, market research is what often disappears first. It is very important to conduct a suitable market research so that you can properly turn the prospects into clients. Unfortunately, most marketing firms stopped research as they think the clients are different. We even see some that research will not impact business growth.
Why is market research so important? It helps online businesses grow faster. Here’s what you should know.
Research Drives Growth And Increases Profitability
Statistics show that frequent research in marketing can increase profitability by around 20%. If you do not conduct product research the maximum profitability you can expect is around 10%. Market research is effective due to different ways, including:
- Understanding the trends and issues that are emerging.
- Discovering areas where companies misread or misjudged clients.
- Identifying different patterns that were not noticed in the past and that could help the business grow.
So many questions can be answered when the market research is handled in an appropriate way. For instance, you can discover:
- Why a client chose you to do business.
- What clients have to be avoided.
- What real benefits does a firm offer.
Effective Market Research
At the end of the day you are mostly interested in conducting truly effective market research. You do this in so many different ways but the 3 that are the most effective are the following:
- Phone Interviews – Still a great way to get information that is personal and that will be useful in the future.
- Online Surveys – These are quickly growing in popularity but need to be properly done.
- Cold Prospect Interviews – Very important since this offers very accurate information you can use to improve market results.
Using The Research
Using the research that you do is possible in so many different ways. Limitations only appear when looking at imagination and goals. Some ideas that can be used:
- Redefining or tweaking market positioning to establish a difference from the competition.
- Offering new services to former and current clients.
- Using research to bring back the former clients.
- Anticipating the needs of the clients.
What has to be remembered at the end of the day is that credibility can easily be boosted when looking at any target market, all increasing visible expertise and offering results that were only imagination in the past. Research can even help to write a blog post that would be much better than initially possible. Research studies can be published and even webinar content can appear.
It is always important to start doing research. Those companies that do not use research are never going to succeed on the long run.