Do I Really Need Market Research If I Know My Target Market?

Exact Target MarketI was recently approached with this exact question recently by someone I really just met moment before. I was almost at a loss for words when it was presented because I was not sure if the person was joking with me or if they were serious.

Now not knowing that individual well, I said back in a joking manner “Of course or I would be out of a job!”

Although I was lighthearted in my response, I am serious about the answer I provided.

Yes, knowing your target market is key to success in your business or for the goods and services you are offering. However, if thinking market research is just for knowing your target market, there is a lot you are missing out on.

In the past, I have blogged about lots of different ways market research in nearly every area of your business

However, you can also use market research in areas including:

  • Customer Service
  • Finance
  • Business Development

What are some other areas of business can you think of to do market research?

–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 jnolfo@rhinomarketresearch.com.

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About J. Nolfo
Well...there is a lot to know. #Cx, #Analytics, #SM, Specialty #AgChem, #StL sports, & more. FT @BASFAgProducts. @Mizzou Alum. Supporter of the #Rhino. Tweets my own. #SMMW17 attendee....Dad...Hiker...Scouter...and so much more.

One Response to Do I Really Need Market Research If I Know My Target Market?

  1. Trends are constantly changing. Market research allows you to snapshot information for a variety of elements at specific points in time. Once data is gathered and analyzed, you can develop strategies to meet your goal. As an instructor, it’s essential to use market research in course planning.

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