Market research is a powerful planning and guidance tool. When you need unbiased information from real-world scenarios, it is difficult to look past the nuggets gleaned from qualitative and the hard numbers from survey research for guidance.
Many managers also turn to market research because certain information can only be obtained via this marketing tool, such as:
- The Market: You believe the world cannot live without your product. Does the world agree?
- Targeting Demographics: The one-size-fits-all approach to products rarely works anymore.
- Optimum Pricing: Setting a compelling price range without compromising profits.
- Product/Service Evolution: Incorporate feedback to keep abreast of shifting consumer needs.
- Justify Investments: Show why that new program offering is essential to continued growth.
When conducted by seasoned professionals, there is simply no substitute for the value of the insights gleaned from market research.