The importance of conducting Market Research for toady’s SMEs
Market research is the process of gathering data to help your business grow and flourish. A successful business owner would place market research at the kernel of any strategic decision making, whereas an unsuccessful business owner would think of market research as merely a step that needs to be done.
In this article, SMEXCEL will indicate the five main reasons why market research is a crucial and top priority ingredient of any business success:
1- Discovering your Market: Whether you are launching a new product or service, or you are already in the game, you always need to have clear visibility regarding your market. A Market is continuously evolving, and you need to keep yourself and your business up to date. What you used to sell last year, might sit in stock this year. What you used to consider affordable for your consumers in the past, might be expensive today. If you are not keeping track of the market needs, your competition will.
2- Minimizing your risk to fail: Your business decisions will always involve risks, but this risk can be minimized through conducting accurate market research. In fact, we do believe that most marketing and business executives wear different hats and carry on many responsibilities in their organizations which make them lose focus on the importance of market research.
3- Holding competition expansion: Your competition these days is becoming fierce and challenging. Market intelligence is considered as an asset by everyone, and your competition is looking for their spot. Do not let market research drive your competition forward while your business is going backward.
4- Helping you to be more specific: As a business owner you can easily find a multitude of free business reports published online and some of them can be valuable to your company. However, do not fall into the pitfall of thinking that these reports can be sufficient for your business. These reports are usually quite generic and not tailor-made for your targeted market or consumer demand in your area. Some industries are fast changing, and a one-year-old report is already considered as outdated.
5- Giving you visibility about your future: Market research can help you analyze your strengths, weaknesses, opportunities, and threats. If conducted on a regular basis, and professionally, it can give you better visibility on where your organization is going in the future.