Why Invest in Market Research?

June 15, 2018

If your organization is considering any major changes or has significant business challenges, consider investing in a market research study.

If your organization is considering any major changes or has significant business challenges, consider investing in a market research study. Time and time again, market research has proven to be an invaluable investment in terms of money and time for businesses and organizations. In fact, the financial investment will likely cost substantially less than a failed product launch or ignoring client retention issues, for example.

Market research can be used successfully for countless business objectives. Here are just a few ideas:

  • Identify new potential customers
  • Solve business challenges
  • Vet business expansion
  • Identify new business opportunities
  • Better understand existing customers

Below we consider several business goals and how they can be realized by investing in a market research study.

Goal: Gain consumer insights before launching a new product.

The cost of launching a product that fails not only impacts your bottom line, but your brand identity as well. As noted in the article titled "Lessons Learned From the 5 Biggest Brand Fails of 2017: Uber, Pepsi, Dove and More," both Pepsi and Dove miscalculated their audiences' reaction to a marketing campaign. Obtaining high-quality consumer insights in advance can prevent situations such as these from occurring.

Goal: Understand your customers.

Your typical consumer, just like the marketplace, is dynamic. For any given company, knowing what motivates customers and what motivates their purchases is essential information. Hiring a good market research company will help you to gain deep insights into a chosen target market. Also remember that customer preference is constantly changing and that the information collected at one point in time might not be relevant at another. For this reason, it is essential to gain feedback and insights on an ongoing basis.

Goal: Obtain an unbiased opinion.

There are limitations to what people will tell you versus what they will tell an independent company. Consumers are more likely to provide honest and candid feedback (which they may not otherwise feel comfortable divulging) when asked by an independent organization. Market research organizations, such as Shugoll Research, are highly-skilled at getting feedback that minimizes bias in the insights you seek.

In the end, market research is a powerful tool. It can help provide leaders with the information they need to launch a new product or service and understand consumer preferences. Please contact us today if you have any questions about how a customized market research study with Shugoll Research can benefit your organization.

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