The importance of doing RESEARCH
Research, a word that we have all heard at some point… But why is it so important? Nearly everyone engages in some form of research at some point. Whether you are investigating new business opportunities, gaining insight into a subject you have write a school paper about, or trying to find new scientific explanations for certain events or situations, each of them is driven by the quest for information.
For marketers, research is not only used for the purpose of learning, it is also a critical element needed to make well-informed decisions. Doing market research can give you a picture of what is occurring, or likely to occur, and offer alternative choices that can be made. For example, good market research may suggest multiple options for introducing new products or entering new markets. In most cases, marketing decisions prove less risky when the marketer can select from more than one option.
Research means the systematic investigation into and study of materials and sources in order to establish facts and reach new conclusions. It is the search for facts, answers to questions, and solution to problems. Thus, research will help you gather the necessary data for your industry to be successful.
In all industries, there may be up to hundreds of brands on the market targeting toward the same set of customers. This can be challenging, because every brand needs a different positioning and strategy. Doing qualitative and quantitative market research will help guide marketers when developing brand strategy and analyzing how the company compares to the competition. Accordingly, understanding what brand features matter most to your target market and building from there is an important step.
Another fact is that all industries change over time, meaning that brands must innovate as the market evolves. Your company should constantly research updates and current trends in the market in order to secure your brand’s relevancy in the market. As new competition arises with updated features, it is important to focus your innovation-efforts on growth opportunities and respond to customer’s changing needs, because, if you don’t adapt to the market, someone else will, so staying ahead of the game is a key factor to success.
Moreover, once you know your target market you will be able to identify and research your competition. New competition is always a potential threat, no matter the size of your company. Researching your market will therefore help you assess your category, come up with a fitting strategy, and make the right decisions for your company to gain an edge above your competition. This research can also help you identify what features your company lacks, so you can add value to your products or services through real insights.
All in all, market research is an essential asset in decision making, especially for an international company willing to expand to new markets. Dpointgroup has developed a great capacity for evaluating unknown markets, offering market analysis services for companies in several countries and several languages, such as professional research and action execution in order to resell a franchise, create a business plan, create a business case, find investors, and more.
For marketers, research is not only used for the purpose of learning, it is also a critical element needed to make well-informed decisions. Doing market research can give you a picture of what is occurring, or likely to occur, and offer alternative choices that can be made. For example, good market research may suggest multiple options for introducing new products or entering new markets. In most cases, marketing decisions prove less risky when the marketer can select from more than one option.
Research means the systematic investigation into and study of materials and sources in order to establish facts and reach new conclusions. It is the search for facts, answers to questions, and solution to problems. Thus, research will help you gather the necessary data for your industry to be successful.
In all industries, there may be up to hundreds of brands on the market targeting toward the same set of customers. This can be challenging, because every brand needs a different positioning and strategy. Doing qualitative and quantitative market research will help guide marketers when developing brand strategy and analyzing how the company compares to the competition. Accordingly, understanding what brand features matter most to your target market and building from there is an important step.
Another fact is that all industries change over time, meaning that brands must innovate as the market evolves. Your company should constantly research updates and current trends in the market in order to secure your brand’s relevancy in the market. As new competition arises with updated features, it is important to focus your innovation-efforts on growth opportunities and respond to customer’s changing needs, because, if you don’t adapt to the market, someone else will, so staying ahead of the game is a key factor to success.
Moreover, once you know your target market you will be able to identify and research your competition. New competition is always a potential threat, no matter the size of your company. Researching your market will therefore help you assess your category, come up with a fitting strategy, and make the right decisions for your company to gain an edge above your competition. This research can also help you identify what features your company lacks, so you can add value to your products or services through real insights.
All in all, market research is an essential asset in decision making, especially for an international company willing to expand to new markets. Dpointgroup has developed a great capacity for evaluating unknown markets, offering market analysis services for companies in several countries and several languages, such as professional research and action execution in order to resell a franchise, create a business plan, create a business case, find investors, and more.
Comments
Post a Comment