Why Market Research Is Important In Today’s Economy
August 6, 2012 Leave a comment
The economy is not very good. (Was that supposed to be a news flash?) OK, everyone knows that. Unemployment remains high and for the jobs that are out there, many employers are not finding qualified individuals. Everyday cost gas are taking a larger percentage of our take-home pay. Government involvement into businesses seems to be a more pressing issue. Before you decide to jump off a cliff (don’t do it…it’s really not worth it), you need to consider how you run your business. In you business, everyday you are needing to make decisions that affect the success or failure of the business.
Decisions are made every day on pricing the products and services you sell, determining who to hire for a given open position, or where to cut cost to improve operational efficiencies. In today’s business environment, these decisions can lead to the success or failure of the business. When looking at trying to grow your business, many owners look at the cost, the projected revenues, maybe even a new marketing campaign. However, too many do not consider doing adequate research to launch their efforts.
By performing market research early in the process of starting a business, growing it, or doing something to make it survive in today’s market, you can make smarter decisions. By doing this, you can help determine the success (or failure) of the new venture. You can also better understand who your target market. You may also be able to find the optimal pricing for your product or service.
Then, based on the research, you act on the findings to start that new venture in a clear direction. Doing this will help prevent failure and ensure success.
What is something you are thinking about that you can use market research for?
–J. Nolfo helps companies understand their market and customers though a variety of market research strategies. He has over ten years of experience of market research for strategic planning purposes. He is the Director of Research at Rhino Market Research. He shares his thoughts about market research and business concepts with his blog “Pensare…Understanding Market Research in Business“. If you would like to discuss this blog or how J. can help you understand your market and customer needs, email him at email@example.com.