Regardless of the differences that are unique to each business, one thing remains important –
knowing what your customer base wants, and then work on fulfilling their needs in order to
survive from the competition.
Who are my customers? What do they want? Why have they bought my product? Gathering
vital evidence by conducting thorough and well-considered research can benefit businesses of
all sizes and, if used correctly can be an essential resource for startups and businesses looking
to maximize their profit.
But what is market research?
It’s the process of gathering, analysing and interpreting information about a market, about a
product or service to be offered for sale in that market, and about the past, present and
potential customers for the product or service; research into the characteristics, spending
habits, location and needs of your business’s target market, the industry as a whole, and the
particular competitors you face
That is why the major companies in the world spend thousands of dollars in recruiting
research firms.
The worst mistake you can make as an entrepreneur is shooting in the dark, you simply waste
your time and resources without anything to show for it. You may make mistakes along the
way even if you have sufficient information, but it is better to be prepared.
Market research helps you “as a business owner” in managing your time as effectively as
possible. It also gives you a guide on both the long and short term strategies you need to put in
place, which helps you feel more organized, less frazzled and overwhelmed in the long-term.
It will also clear doubts you may have on the identification of these customers, including their
gender, ages, locations, and so on. The more analysis you do on their spending habits and
products they frequently purchase, for instance, the better you can understand what makes
them tick. This allows you to focus on manufacturing certain products or giving certain
services in order to retain them as loyal customers.
Making your business succeed in the face of increasing competition or the lack of market
information is not an easy thing, and that is why market research exists – to enable you find
weaknesses you should improve on, and will give your company great benefits.
– (Business Matters, 2019)
