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7 advantages of doing Market Research for your business

7 advantages of doing Market Research for your business

Launching a product or service is not an easy task, especially when you do not have the minimum information about the market in which you are planning to launch. For this, there are several market studies that can be carried out through quantitative techniques like surveys or qualitative techniques such as focus groups, interviews, etc. These market research activities help companies to know the perception, tastes, and preferences of consumers. 

Market Research companies seek to understand the current and potential customers of a client, obtain information about their competition and formulate promotional strategies. Market research should be used not only exclusively at the beginning of a new business but must turn into a continuous process because the market is very volatile, what works today may not work tomorrow. 

Why is market research so important? What are the benefits of inquiring before launching a product or service? Here are 7 advantages or benefits of conducting market research:  

  1. Have more and better information to make sound decisions that favor the growth of companies. 
  2. It provides real and expressed information in more precise terms, which help to solve, with a greater degree of success, problems that arise in business. 
  3. It helps to assess the size of the market that you want to cover, in the case of selling or introducing a new product. 
  4. Decide on the type of product or service that must be manufactured or sold, based on the requirements and needs expressed by consumers, during the research process.  
  5. Determine the most appropriate sales system, according to what the market is demanding. 
  6. It can be used to define the characteristics of the client that satisfies or intends to satisfy the company, like tastes, preferences, purchasing habits, income level, etc. 
  7. It helps to understand how customers’ tastes and preferences change so that the company can respond and adapt to them and not be out of the market.

 

Comprehensive market research is essential for any company before making any decision that involves the launch of new products or services. At NUUN, we have the knowledge and expertise to help you with this task. Contact us today and we will give you all the necessary support to launch your next product or service.  

 

 

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