Why Market Research?

Why Market Research?

Many companies and business do not conduct market research as they do not fully understand the benefit of a well thought out and executed marketing research project.  Below we discuss how market research can help your business thrive.

Market Research: Why do you need it?

Market research can help you make the correct business decisions by helping you identify new products and services, business opportunities and new trends and help you understand your existing customers as well as your market size.  Added to these opportunities, market research can minimize your risk and uncover and identify potential problems.  

When should you do Market Research?

The importance of market research cannot be underestimated.  Market research should be part of your companys business strategy.  Consumers behaviour and markets change over time and therefore market research should be used continuously to monitor the market for opportunities and potential threats.  

How much does Market Research cost?

Market research may seem expensive, however the cost of market research will be far less than launching a product or service that fails.  Marketing research will confirm that you have a viable product or service and help ensure that your business is successful. 

Market Research Company or do it yourself?

In order to try save cost, many companies believe they can do effective market research in house.  In reality, although basic research can be done this way, a professional market research company is the best and most effective way to conduct market research for your company.  A leading market research company will know how to structure the research project, what question to ask, how to process the information and most importantly know how to report back their findings.

How do you choose a Market research company?

A market research company can offer an all in one solution for your companys marketing research requirements.  Using a qualified professional market research company can ensure that you get the answers and information you need to make the correct business decision.  

Make sure that you choose a marketing research company that meets the following requirements:

A solid track record

Make sure that the marketing research company is an established business with a list of clients and examples of projects.

Marketing Research Services

Some market research companies will specialise in certain research services.  Choose a company that specialises in the particular marketing research service you require.  

Types of Marketing Research Sectors and Areas

All market research companies are focused on a particular sector. Choose a company that specialises in the sector and area that you want your marketing research conducted in.  For example if you want research done in the industrial markets in southern Africa, then do not choose a consumer marketing Research Company, as they will more than likely lack the knowledge and expertise require for this type of marketing research. 

Marketing Research Association

Ensure that the marketing research company or key staff are member of the relevant marketing research association.  

What works today might not work tomorrow.  Conducting marketing research on a regular basis will help your business grow and stay ahead of the competition.

George Klein and Associates is a leading market research company.  We specialise in the industrial and commercial sectors throughout southern Africa and we are a corporate member of the South African Marketing Research Association (SAMRA). 

 

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