Monday, 6 June 2016

Marketing Research is Crucial for Business Success

By Cristiane Namiuti

Successful businesses across the world understand the importance of conducting marketing research for the achievement of business goals. Through marketing research, a business stays informed of changing market trends and works to retain its competitive edge. Whether your business is a large company or a small startup, marketing research enables you to understand the significant aspects of your target market to increase ROI, revenue, and overall success.

In its simplest form, marketing research is an information gathering exercise that enables you to determine the feasibility of something. If you have a product or service you would want to launch, marketing research enables you to determine whether your offering is relevant for your target market.

Rather than relying on ‘gut feeling’, undertaking marketing research helps you to make more informed decisions. The good news for marketers and business managers is that conducting marketing research is not an unachievable process. In fact, if you’re already into business, you’re already conducting some form of informal research when you talk to customers, read print publications, or watch TV for the latest trends and information.

Marketing research takes two forms: primary and secondary research. Whenever you undertake direct interviews or information gathering exercises with customers or the competition, you’re engaging in primary research. Secondary research relies on research performed by other organizations or people, but whose results are useful in your situation. The latter is the most cost effective way of undertaking research that can be helpful in learning more about the industry.

About the author:

Cristiane Namiuti is passionate about marketing and brand development. She has more than ten years of experience managing leading consumer brands in Brazil and the US.