It’s amazing how many new products are created and stocked on store shelves each month, or promoted via online or print media. New products arrive every day, while older products are either re-branded or cancelled without any notice. If you’ve ever gone to the store to realize that the item you wanted was no longer offered, then you have witnessed firsthand the effects of market research. market research for universities
When retailers decide to pull a product from their shelves or when a new product is made available it is always a result of market research influencing these decisions. This research is done for everything from product creation, to the design of the packaging, to the types of commercials to create and even where to promote the ads for the product. Marketing research impacts virtually every single detail of selling when it comes to a retail environment.
Market research is a valuable tool for more than just people in the retail sales environment. People who sell services such as accountants, plumbers or office cleaners also need to understand their markets to know how to find customers and how to market to them so they will pay for the service. When this type of research is done correctly, you will know what customers want, how much of it they want, when they want to buy and what they expect for their money.
Good market research will study purchasing patterns as well as buyer demographics. You need to know if more women than men buy your products, or if Hispanics are more apt to buy than Asians, etc. In addition to this type of research you need to know about your competition: what are they selling that is successful and to whom? Can you sweep in and steal those sales away from them?
Armed with good information you can know exactly what types of products or services your customers want and sell it to them. This is the art and science of market research: find out what people want and give it to them! Don’t waste your time and energy selling products or services which they don’t want or need.
How can you do your own research? You don’t have to hire a market research firm to gather this type of data. You can simply do informal word of mouth surveys, or create an online survey for free. The benefit of hiring a firm to do it for you is that they understand what kinds of questions to ask to provide you with the most valuable data. Here is a great tip: visit a local college, university (or even high school) with a reputable business program and ask a teacher if they would have their students do market research for you. This provides a great learning tool for the students and it gets valuable data to you!
Is market research critical for your success in business? Absolutely yes! You can’t afford to not do this valuable step. There are many options available to you, so why not get started today and improve your business results?