10 Tell Tale Signs You Need to Invest in Market Research

Technically, you can start a business, or even run an existing business without market research and analysis.

But then, there is every guarantee that your business will not stand the test of time.

Come to think of it.

You are doing business to make profit, right?

But where does your profit actually come from?

You guessed right if you said from your customers.

So, how far can your business really go without proper market research? Not so far.

For your business to make profit and be sustainable, you need to have a reasonable market share. For you to have a good amount of market share, you need customers that patronize you and keep coming back and referring others to your business.

How do you have such customers?

Certainly not possible without knowing them well enough to give them what they need and also by communicating with them in the best way.

This is what market research is all about.

Market research is the process of evaluating the feasibility of a new product or service by conducting research on potential/target customers so as to collect information to help you make informed decisions in your business.

1. You are about to launch a new product or service: Is your business on the verge of putting out a new product, service or maybe relaunching an old product or marketing an old product to a new market? You should invest in market research as it will help you learn about your target customers and fine tune your message to them.
2. YYour ad spend is not adding up: Have you been spending money on ads and not seeing the results? Getting market research for your business will help you determine who you are talking to and how to talk to them such that your voice is heard and understood.
3. You are not retaining customers: You are probably not retaining or getting new customers because you haven’t properly researched your market. But don’t take our word for it. Invest in marketing research and tell us ‘thank you’.
4. You are not sure of the potential opportunities and threats in your market: If you are currently unsure of the potential threats and opportunities within the market, it may be time to invest in market research.
5. You receive a lot of customer complaint calls: You are in business for the customers. If they keep calling with complaints, you are obviously not satisfied with your service. And that certainly means you don’t know what they want.
6. You don’t know how exactly to grow your business: There is something market research helps you with. It’s called insight. It gives you insight on your customers, what they need, what is happening in the market and how you can come in and stand out.
7. Your competitors are investing in it too: Of course, you shouldn’t do everything your competitors are doing. But it’s clearly working for them, you might as well explore it too.
8. Your content marketing isn’t fresh anymore: Another kind of insight market research gives you is content marketing. A good understanding of the market and the key players in the industry is necessary to aid your content marketing game.
9. You don’t know what your customers need and are demanding: Not having this knowledge is proof enough that you need to invest in market research.
10. You don’t stand out from your competition: Market research will help you realize gaps in the market that your business can fill.

I hope with these few points, you are convinced and not confused that market research is key for your business success.

Guess what?

You need qualified hands to perform this function for your business and LoftyInc Allied Partners Limited is your best bet.

I assure you.