Marketing research is a multi-billion dollar industry, and it’s expected to grow by more than 30% over the next five years. Market research covers various categories – from advertising and public relations to event marketing and customer satisfaction. Market researchers look for information that helps companies make decisions, attract consumers, gain a competitive advantage, and improve operations. Market research is essential for businesses, nonprofits, and government agencies; in fact, virtually every business decision could be made better with market research. Market research can also play an important role when starting a new company because it gives entrepreneurs the information they need to succeed.
Market research can help startups launch new products, identify their target customers, and choose the best way to sell to them. Market research helps entrepreneurs:
– Develop a marketing strategy that defines their brand and differentiates it from competitors.
– Find the right market opportunity for their business by evaluating customer needs and wants.
– Market to existing or potential customers most likely to buy their product or service.
– Market to a wide audience by identifying demographics and psychographics of potential customers. Market research is necessary before launching any business because it provides the information you need to plan for success.
