Offer new products or services for the new demand, Find new markets within and outside of Canada, Profile your customers (location, age, gender, income level, etc. Reasons For Conducting Marketing Research. The truth is, you are completely capable of conducting your own market research in-house. Do your products (or their labeling or packaging) need to be modified for one or more markets? Product — Improve your product or service based on findings about what your customers really want and need. What are the required standards, testing, and certifications? What duties, taxes, and other costs apply? Okay, so in the spirit of full disclosure, we here are a marketing research firm, specializing in qualitative and quantitative research. A good choice for online surveys: what makes us different. If you know your business problem such as decreasing sales, then market research will assist you to identify the reasons. If you have already identified a problem in your business, conducting market research … web-based research. These problems can help make better decisions. 1. Market research is considered as the basic, and essential part of your business success. Who or what influences their purchase decisions? in areas of advertising and publicity, social media, and branding. What distribution channels are available. Part of being prepared with market research is avoiding unpleasant surprises. Focus on things like function, appearance and customer service or warranties. Casio used market research to get better insights on customers & resellers and adjusted the marketing strategies to be more effective. Part of being prepared with market research is avoiding unpleasant surprises. By conducting research on a regular basis, you can keep up with the dynamics of the economy and demography. Equip yourself with the information you need to make informed business decisions! Price — Set a price based on popular profit margins, competitors' prices, financing options, or the price a customer is willing to pay. Why Conduct Market Research? What do your customers enjoy doing, watching, and reading? What is their income level, marital status, and geographical location? What are the shipping costs and partner margins? Online surveys for fast and cost-effective customer insights. Here are three reasons why market research cannot be ignored: Market research can guarantee the success of your marketing campaigns, and in-turn sales. Different business industries with science and engineering processes like agriculture, ... listening and speaking are also integral in conducting research. We use cookies to give you the best user experience on our website. Before embarking on any form of market research, it is important to have thought through the reasons for investing time and money in the research. By conducting research on a regular basis, you can keep up with the dynamics of … (Image Source: Envato Elements) In this article, I'll explain some basic marketing research concepts. Intuition and experience can be helpful at times, but research and facts often paint a more accurate picture of your market. Why is the online survey needed? What markets are currently buying products like yours? We formed our agency because we saw businesses struggle, consistently, because they weren’t able to look at themselves or their customers objectively. The changing market trends, or the product gaps, lack advertisement, lack of new marketing practices, or entry of new competitors with the better product can be the reasons. Is there room in your current operations to diversify? Is your price point appealing within the market? Some of the reasons market research has an edge are mentioned below: Market research helps in developing productive strategies. Solve your biggest business challenges. By Rohit Verma. Market Research Methods In conducting your market research, you will gather two types of data: ... 5 Reasons to Double Down and Draft a Business Plan, Plus Tips for How to Do It. Finding reasons why research is important may seem like a no-brainer, ... such as those that produce consumer goods or mass-market items, invest in research and development or R&D. Terms & Conditions. By understanding your market, you can get information about several aspects. Who are your competitors, from which cities/markets do they come, and how large are they? The reasons for conducting research as listed above are only some factors which encourage people to carry out research studies. To be successful, products must meet the … Marketing research – oh, hey, that’s what we do! You can also adjust to new regulations and technological breakthroughs. What is the shipped cost? When you’re going to launch a new product or improving your current product ... Reasons For Conducting Marketing Research Identify the reason for conducting marketing research. Promotion — Figure out how to best reach particular market segments (teens, families, students, professionals, etc.) hbspt.cta._relativeUrls=true;hbspt.cta.load(172834, '64a24e0f-db5d-47ab-ad74-95106c0b2498', {}); david@fennec.co1-425-605-770021240 NE 10th Pl, Sammamish, WA 98074. Intuition and experience can be helpful at times, but research and facts often paint a more accurate picture of your market. ), Create more effective marketing campaigns, Shift inventory, price and staff levels as needed, Get information on how your competitors operate, Learn how customers compare you with your competitors, Use information, not just intuition, to drive your business decisions.