To market research or not

Many business people run their businesses with many guesswork, intuition or it could be from friends’ and spouse’s suggestions, etc. This is simply too dangerous. Precious resources (especially money) can be lost because of our unverified guesswork and mistaken gut feel.

Wikipedia defines market research as “any organized effort to gather information about markets or customers” and that “it is a very important component of business strategy”. Besides business planning, market research can be used to identify business problems and to solve them.

For example, one may have been finding it tough to run a neighbourhood store, and want to find out if his products will be popular online. Or, if one needs to find out how his products and services can be enhanced from his customer’s point of view, etc.

Some reasons why you need to do market research include:
1. to identify what went wrong in your business;
2. to make an informed decision when selecting the best course of action;
3. to discover your customers’ unmet needs, so that you can serve them better and retain them;
4. to understand your competition and identify ways to overcome them.

 

Do you want to make more informed business decisions through market research? If yes, then contact Shaun Lee today!