[vc_row][vc_column][vc_column_text]Companies that don’t know which direction to take, what the competition is doing and what the needs and goals of their ideal consumer are — and don’t even know what that profile is — definitely don’t have market research conducted periodically.
Based on this tool, your company can get the answers to all of the above questions. And, as you may know, they are elementary to ensure more prosperity to your brand, differentiation from the competition and new insights to create unique business opportunities!
Check out, then, the reasons why you should invest in market research, and how to plan it for your business!
What is market research?
Through market research, you can organize an assertive data collect to generate more precision and agility in making decisions regarding the maintenance of your brand.
For example: By monitoring the market, you can rely on data that other companies or agencies have collected and shared with the entire industry. This, for example, is secondary market research.
There is also the primary market research, which also has to do with your management. Imagine the following situation: you need to measure the level of satisfaction of your consumers. Thus, it is necessary to conduct a survey with those who have already acquired your products or services and evaluate the answers to understand the average index for a plan of action to be taken and ensure better indexes.
What is its importance?
As we pointed out, the key benefits of this practice surround the fact that your company generates more security, control, and accurate data for your decision making.
Without market research, no company acts with total conviction and starts to rely on instincts and hunches – issues that, although they have their degree of assertiveness, are not comparable to the facts established by the results of a survey.
Not to mention the wide range of reasons why you can make use of this tool, such as:
- identify the viability of a new project;
- test consumer reception with your company’s solution;
- explore new niches;
- generate insights arising from the profile research of your consumer;
- evaluate internal metrics (such as employee retention) or external metrics to plan new strategies.
And this can be done in many ways. A market survey can be done internally by sending online forms to customers or by making them available in your stores to be filled in there.
But it turns out that it is this stage that most tends to curb the entrepreneur’s impetus. How, after all, do market research?
How to plan the market research?
If you are interested in general indexes of your industry, make strategic use of secondary market research. Now, for indexes related to specific goals, you may wish to conduct your own.
And, below, we’ll highlight some punctual tips for you to plan and put into practice this plan. Check out what elements to consider when planning your market research:
- define your objective so that the questions are elaborated around this question;
- consider the preparation of objective and clear questions that do not generate doubts to your reader;
- evaluate whether market research can also be done in a group (such as for evaluating a new product or service of your company);
- rest assured your questions are unbiased. That is, they don’t guide — directly or indirectly — the person to respond to what you want. This interferes with the quality of results;
- develop assessment methods to collect, absorb and use the data.
It is worth mentioning that digital transformation has also evolved immensely in this area, and you can plan a good market research, currently, with the help of specialized software.
This saves time and also optimizes the collection and evaluation of results. Consequently, your research will offer complete assertiveness for quick and accurate decision making.
Now that you already know the differential of market research, how about considering its internal application to know more about your professionals. For this, check out our tips on how people management can increase productivity in your company.[/vc_column_text][/vc_column][/vc_row]
