Why is Market Research Important?

This month, I've come across a number of organization heads throughout Ontario and Quebec. One of the common themes we seemed to have touched on was research and how that applies to marketing.

On that note, I came across an interesting article by Martin Day that touches on this important point.

Enjoy!

Market research will help you better communicate - Your current customers experiences are a valuable information source, not only will they allow you to gauge how well you currently meet their expectations they can also tell you where you are getting things right and more importantly where you are getting things wrong.

By asking the customer you not only show them that you care but you also take the guess work out of customer services.

Market research helps you identify opportunities – If you are planning to operate a new service and want to know the preconceived attitudes people have then market research can help, not only in evaluating the potential for a new idea, but also by identify the areas where a marketing message needs to honed.

Market research will minimise risk - Market research can help shape a new product or service, identifying what is needed and ensure that the development of a product is highly focused towards demand.

Market research creates benchmarks and helps you measure your progress - Unless you measure you may not be able to gage how well your business is performing. Early research may highlight glaring holes in your service or short falls in your product, regular market research will show if improvements are being made and, if positive, will help motivate a team.

Martin Day is a Director of Survey Galaxy Ltd a web site that allows anyone to create, design and publish online surveys. For more information please visit http://www.surveygalaxy.com.

I couldn't agree more with Martin on these points. If you are looking for advice on where to target your marketing efforts, Action Strategies develops solid marketing plans that are based on research.

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Mark Buzan is Principal and Chief Magnifier in Action Strategies, a full service Marketing Communications, Public Relations and Public Affairs Consultancy. Make sure to contact him for advise on reaching audiences you may or may not have yet considered in your marketing communications and PR campaigns. Drop him a line if you are looking for help in developing a marketing campaign. You can view his website at www.actionstrategies.ca.