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What are the most common uses for Market Research?
Home » Advertising & Marketing » Market Research » What are the most common uses for Market Research?Posted by Your Guide on October 16, 2005 3:12 PM
Market research is useful for a variety of reasons. Some of the more common ones include:
- Determining the level of customer satisfaction – Are your customers’ expectations being met? You always have room for improved service, and tapping the insight of your customers is a great way to do that. They may also have ideas for new products or services.
- Product Development – Launching a new product, or re-developing a current one, requires a great deal of research beforehand. What do potential customers think of your new or revised product? How might it be changed to be more consumer-friendly? Market research is just that “winnowing tool.”
- Starting a new company – First, you must determine who your potential customers are and what group of people, if any, exhibits a need for what you propose to sell. Is the market too niche? Will there be enough potential customers? How much, if anything, are people willing to spend for your product or service?
- Brand performance – This includes the testing of marketing messages to know your position within the market, such as testing a new slogan. It also includes brand name testing. How do your customers feel about the names of your products? Perhaps you’re considering entering a new market and need to determine how your target audience sees your brand relative to competitors.
- Knowledge of the competition – Market research can show you how you stack up against your competitors. This can be accomplished in a variety of ways: online research, using your own employees as your eyes and ears, talking to people in the industry, etc.
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