The importance of market research for your business
Businesses of all sizes perform market research in order to identify the types of products or services they can offer their customers that will best fit both the customer's needs and the capabilities of the company. Without a comprehensive understanding of your customers' buying habits and interests, you could be missing out on valuable sales opportunities.
It should be stated that market research is not gospel. People can be fickle and their needs and interests can change based on new trends and the latest information. This is why Entrepreneur.com stresses the importance of making market research a regularly scheduled task in order to stay as current as possible.
Marketing research is most critical when your company is launching a new offering, you are facing problems with customer perception or are confronted with issues of low community awareness.
"Failure to do market research before you begin a business venture or during its operation is like driving a car from Texas to New York without a map or street signs," William Bill of Wealth Design Group LLC told Entrepreneur.com.
Begin by asking basic questions that can reveal the needs and preferences of your customer base. SmallBusiness.com suggests that online surveys and social media sites are both great platforms to find out what kind of customers your business is relevant for, where they live, their opinion of your product or service and how your offerings compare to competitors in your area.
Many small companies do not believe they have the time or resources to perform regular market research. By taking advantage of On Point Executive Center's virtual office and virtual personal assistant services, businesses can reduce overhead and free up time to ensure that they are kept informed of their customer's perceptions and buying habits.