Market research keeps you one step ahead of your competition. Here are some of the top benefits of using this sometime under-utilised marketing tool:
- Communicates the right message: Market research guides your communications with current and potential customers – by helping you formulate effective ways of reaching and engaging your target audience.
- Kicks up opportunities: Market research can help you uncover ideas and opportunities in the marketplace before your competition spots them, like a key area of expansion, a new product/service or an opportunity for an alliance with another local business.
- Minimises risk: Market research can save tons of money by making it obvious that a new product or service you’ve planned is not what your market wants or needs at the moment.
- Clarifies positioning: Market research can clarify and help articulate your market positioning – uncovering or confirming your unique selling/value proposition.
- Helps change perceptions: Market research measures reputation and helps you take action to change perceptions, if needed.
- Maximises profits: Market research helps you plan ahead and estimate likely acceptance and sales of a new product/service, allowing you to plan the most effective marketing spend to achieve maximum profits.
For more great reasons to conduct market research before the end of the financial year call or email us for a no obligations consultation. Tel: 02 9555 6115 or email Jonathan Watcham.