Conducting market research is a complicated task. It can give many advantages but you need to put a lot of effort and resources to obtain the data that you need. The question is, when should market research be done?
When Launching a Business
Starting from the launch preparation when you check the market fit and even after your business enters the market, then continue to expand the whole business. Market research can help a business gain various knowledge about business positioning in the current market, other competitors, and acceptance of the market.
Intend to Identify Business Opportunities
Market research can be used for various purposes from identifying a target market, marketing channels to other information about your audience. By knowing this information, you can form a partnership with other businesses or KOL, build new profitable products, or even expand your business to other locations.
Try New Things
Whether you want to change your product design, package, features, or other things, you may need to conduct market research to determine if they would be more likely to buy the new design or not. By doing this research, you can minimize the risk of failure.
Customer Don’t Come Back
If your business has a high churn rate when most customers don’t come back, it may be a red flag for your business. Market research can tell you what customers think about your business or service and the reasons why they don’t intend to buy your product in the future.
Conducting a Failed Campaign
If you face difficulties when you launch a promotional campaign, social media marketing, website, or other business activities, it might be the time for you to use market research. You can get various information about the language style of your customers, what they need, or even their frustrations when using your product.
Rather than only use predictions and experiences as a basis for your campaign, you can directly ask your customers to gain insights about what they really want.
Do you Want to Level Up Your Business?
When should market research be done? Whenever it is, the main purpose is to take your business to the next level of excellence. Starting from fixing various problems in customer service, website, or marketing campaign sides to increasing sales through market expansion, new product launch, opening new marketing channels, etc.
After you understand when market research should be done and whether you need it or not, it is time to choose the market research activities that can help your business. In Deka Insight, we provide more than 14 types of market research that you can select based on your needs and objectives.
References :
https://business.tutsplus.com/articles/why-is-marketing-research-important--cms-31593
