5 good reasons to conduct a market study

How can a market research come to help your small business?

Market research is one of those little things that self-entrepreneurs need to know how to do - but often find themselves at the end of the list of priorities, sometimes forgetting it completely. Of course, this is a mistake,  because, with a little research, you will better understand what is most important to your customers. This will allow you to improve your products and services to better satisfy them, and perhaps even have bright ideas to develop your business.

Thus, market research will help you to: 

1. Uncover trends

Some computer companies collapsed in the early 1990s when they ignored the importance of the arrival of personal computers. If you want to continue to grow your business and stay relevant, you must stay abreast of trends and adapt to changing consumer tastes.

2. Study the demographic data

By staying on top of demographic trends in your neighborhood, you may find new consumer groups. Once you understand their challenges, you will be able to reach them with marketing messages and promotions that will appeal to them and meet their needs.

3. Make better decisions

Doing things with feeling is an interesting strategy unless you have to make a high-stakes decision that will affect your business and your brand. With market research, you can make a more confident decision if you want to open a second location or invest in new technologies, for example.

4. Know your competitors

If you want to dominate the market in which you are, it's important to understand what your competitors are doing: the products and services they offer, what their marketing efforts entail, who their target audience is, and most importantly, what they do. who works or not for them.

5. Take a step ahead of the competition

Use the information above to differentiate your business. Add popular products or services that they do not have, borrow marketing techniques that generate a lot of commitment, offer similar promotions. Finally, if a technique did not work at one of your competitors, do not waste your time risking it!

And you, after doing this type of study, what surprising information did you learn about your company or your customers? Leave us your comments!