Seven reasons why market research is your friend in business

Do you base your business and marketing strategy decisions on assumptions or customers’ historical behaviour? If so, this could be costing you sales, money, connection with your brand followers and also making you miss great opportunities. But how do you then tune in with the very people your brand should be all about? If only you could get into your target audience’s minds and really see for yourself what they think, that would definitely help, wouldn’t it?

Well, you can do that.

Market research is the simplest way to get to the bottom of an issue, to find out what your audience thinks of your brand and of what you offer, to determine new trends, to test your new interpretations of your offer directly with your market, to improve on what you do and how you do it and be totally in tune with the people that actually get your business to exist: your customers. Without them, how would you survive? And so, doesn’t it make sense to listen to them?

We see market research as a friend in business. And, if you think of your own friends, you’ll know that no friend is the same. The same goes for market research.

1. The good listener friend

Some friends are great confidantes. They are hard to find. Most of us listen already thinking about what we will be saying next. Targeted interviews provide a space for your customers to say exactly what is on their mind. And what they share can be invaluable when devising your business and marketing strategies.

2. The popular friend

Everyone has that friend that just gets on with everyone. They seem to effortlessly go from person to person in a room, chatting easily and engaging the people around them. People gravitate towards them somehow. Market research experts do that sort of thing in focus groups. They involve everyone, get everyone talking and conduct the session like a beautiful dance.

3. The esoteric friend

Surveys are the type of market research that can get many useful responses, but you need to actually do it, not just keep it there, on your to-do list. A little like your friend that says you ought to say your affirmations and throw your visualisations out to the universe so that it can be aware of what you want and help make it happen. You’ve got to trust the process.

4. The friend that knows you well

These are the friends that are always checking up on you, ask about your feelings and know you inside and out. They can just look at you and they know if you’re sad, happy, overwhelmed or irritated. Now imagine how much information market researchers can get from just simply observing clients interacting with your product or using your service in a defined space, like a store for example? Sometimes what is not said in words is what is screaming the loudest.

5. The honest friend

Some friends agree with most of what we say and pat us on the back, no matter how wrong we may be. However the honest friend will pull us to one side and give us the real deal. They’ll tell us like it is. And we will feel their honesty is refreshing. Market research is like that. Honest, to the point, and remarkably useful at making you see things from a different perspective.

6. The skint friend

Yes, we all have that one too. Sometimes we are that friend. But in market research, there’s something for every pocket. Many types of market research don’t cost a lot and can give you so much in return.

And although budgets and resources are undeniably stretched now, with many businesses facing challenges, understanding your customers and target market is even more important. People’s attitudes, spending power and interests have changed a lot in the last couple of years, and these changes more than likely have affected what your brand means to your audience. Only the businesses that have their finger on the pulse of their customer can survive and thrive.

7. The forever friend

You may then say: "Ok, I think you have a point." You then do some market research, use the results wisely in your decision-making but then, after some time, forget all about it. Market research is not a one-time exercise. It shows respect for your client and shows a commitment to your brand that says that you are always striving to be the best you can for your target audience. Trust me, your brand followers will always appreciate your commitment to being continuously curious, to evolve and to grow - just like any good friend would.