Making better decisions means getting your hands on helpful and accurate information. Better decisions lead to less risk and faster results. Does that sound like a good idea? We think so, too.
Market research ensures that your company develops an informed and successful business strategy. When a company develops a new product or service, the natural next step is to make it available to the public. But how does a company know who needs the service, or how many people want the product? How do they determine the interest level, target audience, and price index? Marketing Research is how. Back in 2016 we wrote about the importance of Market Research. However, some things have changed over that time.
Technology and the ability to reach potential customers and opinions has advanced considerably. How and when people explore, shop, and buy products and services has migrated and expanded online. Online data analytics plays a bigger role than ever in understanding what customers want and what they might be interested in buying. This increases the availability of data to explore customer behaviors and patterns. Through examining more data, businesses leaders can make better and more informed decisions.
The rise and staying power of social networking applications and platforms plays a role in reaching customers. There are a variety of social networking applications beyond the ‘Big 3’ most people think about (Facebook, Twitter, and Instagram). Social networks like LinkedIn, Snapchat, and Tik Tok have up to 500 million monthly active users. These spaces provide a wide variety of users who posses buying power for a wide range of products and services.
Having the right partner to help you understand how and why market research is important can make all the difference for your new endeavors. High-quality sales intelligence provides your company with the key information for making future decisions. The right partners can help you identify market acceptance for new products and services, help determine the best marketing strategies for future sales, and improve your quality of service and customer satisfaction.
At the Chameleon Group, we provide a full array of market research services to help you grow your customer base and launch new products. Contact us to find out how we can help take you to the next level.