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The Importance of Market Research And Survey

By Magellan Solutions

Updated on June 3, 2024

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Having the information that your company needs before starting your business is important.  Doing market research and surveys is one of the most important things before setting up a business or creating a new product.

Business owners or their employees conduct market research when they  “gather, analyze and interpret 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.”

There are two types of market research data. The primary information is the first-hand information gathered by the business owner or his/her employees. The second information is when it is already available through other studies, reports by different people, researchers, government, and other companies and trading institutions.

There are different ways to conduct market research and surveys. One popular way is through email. One way to do this is to email a specific group of individuals a company is targeting. Another way is through phone calls. Calling them at their most convenient time will be good. Asking through social media like Facebook and Twitter is also a great way to get questions across to the target audience. Personal interviews can also be conducted to make them more memorable and accurate.

According to Entrepreneur, questions are as much as important as the answers of the people. With it, the answers will become relevant or not. They need to be short and on point. It should not be more than two pages if in print. It should be precise and brief if a company is making phone calls or conducting personal interviews. Moreover, they need letters that permit them to put the responsibility of the person involved in the interview.

If market research is for a successful company’s new product, they can incentivize those who will answer their surveys. It always works better if people are given something in return when they do a favor.

 

Developing highly marketable products through market research and survey

Collecting data about the target market is very important. It unveils whether a product is indeed marketable and reveals crucial information, such as how marketable a product is to people of different age brackets, locations, and other demographics. Also, it will decrease the risk of a business failing because it will ensure that a product will work with all the right research and surveys in the market.

Consumer interest is essential to knowing if a product is marketable. A product will be as good as the answers a company or research has gathered. It will not work if it does not answer a problem that a group of people has posed.

Knowing your market and analyzing their needs before opening a business or learning if your business is feasible in a particular place is essential for its success. One way to ensure that is by outsourcing market research and surveys. Contact us so you can make sure that your business will sell even before setting it up!

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      The Importance of Market Research And Survey

      Magellan Solutions

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