Four reasons you should do market research
Knowing the need for your product and services in the market helps you rightly prepare and promote it. Many a times this research can help you to come out with an altogether new product too.
Entrepreneur contributor Jasal Shah shared four reasons why brands should get into market research.
Shah says, “Market Research is a fundamental tool in any company’s arsenal today. It can uncover valuable insights that are crucial to the growth and success of the company. Market Research can tell you as to what your consumers are saying and what their expectations are from a company or a category. In addition to this, its influence is beyond just how your product is performing but can even tell you as to what its positioning should be in the marketplace. Hence it is no surprise that most successful brands in the world today embrace Market Research to guide them with their growth strategies.
If you are still trying to make up your mind whether you need Market Research, here are some of the top reasons why you should consider it without any delay.
1. Predict the Success of Your Campaigns
Every successful brand particularly FMCG companies earmark budgets each year for branding campaigns. Consider a brand like Britannia which is in the foods category. They are constantly relaunching their brands or launching variants to stay relevant in their consumers’ minds. More recently the company unveiled a campaign to mark their 100 years completion in India. Now how does one decide what the message should be, or what forms of media they must engage in or what kind of consumer connect campaigns should they roll out, or which campaign should be targeted at which segment. Answers to all these questions can be found through Market Research”.
Comments are closed.