Market research insights lower business risk and uncertainty
No business operates in a vacuum. Sources of uncertainty cannot be ignored because they are not fully understood or seem remote or intimidating.
Market research can reduce uncertainty. Market research isn’t just customer surveys. Market research spans a broad range of activities from literature searches of specialty publications to interviewing specialists and combing through public records.
Market research insights increase market opportunities
None of us know everything about the markets in which we operate – nor is one person or department likely to anticipate every type of new market or industry for which your company might profit from entering.
Market research provides insight to guide participation your market(s) – consumer demographics, customer attitudes and buying behavior (present and potential), industry trends, competitor dynamics, legislation.
Market research helps you understand your customers and competitors
Who is your target market? Where can you find additional target markets who would benefit from your products and services? What are their demographics and needs? Which types of marketing efforts will they respond to best? What’s changing in your target market and their needs and preferences?
Who are your competitors? How do they operate – in terms of both products/services and market strategy? Winston Churchill has been quoted as saying something to the effect of, “No matter how immersed one becomes in one’s own thoughts, you occasionally have to take the enemy into account.” Not that I would necessarily call competitors “enemies….” – the point is that competitors market activity need to be taken into consideration.
Burkhardt & Co. is available for your market research needs.
Kim Burkhardt, MBA is a market research and competitive intelligence consultant at Burkhardt & Co.