The Importance of Market Research

As marketers continue to shift offline budget to online channels, it is critical that businesses stay on top of the latest changes, proven best practices, and newest opportunities.

Marketing is the viewing of the entire business from a customer’s viewpoint, and therefore takes into account every aspect of the marketing mix from the product to price, distribution channels and marketing communications. All these factors affect the customer’s response to a product or service. Knowing this information is essential to the success of your business and can guide you in making strategic business decisions in uncovering unmet customer needs, and in many cases, help you discover new ideas for products or services.

With some extra market research, businesses may discover that not only do people want this new product or service, but that these same people can suggest other new products and services that would work well with the new idea, allowing the small business owner to see future growth into new areas. Or maybe they discover through their market research that if they made a small change in their product or service, for instance, making a product with a red cover instead of a blue one, that people would buy it more often.

By looking into your business’s market, you can pinpoint obstacles and eliminate potential problems, therefore providing you the benchmark to evaluate your success.

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