Conducting market research for a business can provide you with several benefits as a business owner and survey back office describe it..

1. 10 Benefits of
Market Research

2. Knowing your competitors
and what they offer can
help make your services
and marketing stand out.
Sure, survey
research enables you to
set your prices
competitively, but it also
helps you learn from your
competition---and do things
better.
1.Market Research helps businesses
strengthen their market position

3. 2.Market Research minimize any investment
3
Market research surveys help minimize risk to obtain consumer
insight and gain competitive benefits.

4. 3.Market Research identifies potential
4
Market research can identify market trends, demographics,
economic shifts, customer's needs By gathering survey research
about your business concept, industry, potential..

5. 4.Market Research helps businesses
discover their competitors
5
Strengths &
Weaknesses

6. 5.Market research facilitates planning & strategy
6
Capturing competitive advantage: using insights about Your
Consumers to Plan Strategically

7. 6.Market Research assists businesses stay
ahead of competition
7
To remain successful in
business, you must
continually innovate
Market research gives
you useful insights to
help guide your
business decisions

8. 7.Market research provides revenue survey
projections
8

9. 8.Market Research focus on customer needs &
demands
9
Customer focus should be treated as a
subset of the corporate strategy rather
than the sole driving factor. This means
looking beyond current-state customer
focus to predict what customers will
demand in the future, even if they
themselves discount the prediction.
Unfortunately for marketers, consumers have different needs and demands.
Understanding what motivates consumers to choose one brand over another is not
always apparent. One marketing tactic that companies use to understand consumer
needs is to conduct a focus group.
A demands is the desire for products
or services that are not necessary,
but which consumers wish for.

10. 9.Market research helps the success of business
against benchmarks
10
Successful businesses undertake
market research on a regular basis to:
• Identify potential new customers
• learn more about existing customers.
• Inform their decisions regarding
existing and new products or
services.
• Better understand their competitors.
• Test new markets.
• Identify performance, pricing or
promotion opportunities.

11. 10.Market Research identifies challenges to
market growth
11
A business performs a market analysis to
identify its customers along with their
various needs and wants. A crucial aspect
of a market analysis is finding the market
growth rate, which refers to the rise in
sales among your customer base over a
given period of time.
By understanding your market’s growth
rate and how it relates to your sales
growth rate, you can evaluate the success
of a given product or service and make
important decisions about marketing your
business moving forward.

12. That’s it folks
12
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