Why should you bother to do market research?

There are many reasons why you may want to conduct market research. Here are just 31 of them:

1.       To find out who your customers and potential customers are and where they are located

2.       To find out how many potential customers there are within your defined market 

3.       To find out what your customers needs are and what problems they have which need solving 

4.       To find out what your customers think of your offering and its value to them 

5.       To discover your customer's level of satisfaction and where and how they think you could improve

6.       To provide the basis for decision making within your business

7.       To know who your competition is and what they are up to

8.       To find out what your customers think of your competitor's offering 

9.       To grasp opportunities within the marketplace

10.    To improve results through benchmarking against best of class  

11.    To improve the quality of decision making by ensuring it is based on hard facts and evidence, not guesswork or assumptions

12.    To reduce the time taken to make a decision

13.    To judge the effectiveness of a marketing campaign 

14.    To judge market conditions and trends

15.    To determine the popularity of a product and the reasons for this

16.    To determine if a product is priced correctly within the marketplace and the level of price sensitivity 

17.    To help you focus your promotional efforts in the right places for maximum effect

18.    To judge your brand awareness

19.    To determine the effectiveness of new and exisitng distribution channels 

20.    To determine the size and growth of your market and your market share within it

21.    To find out what gaps there are in the market which are not currently being met

22.    To provide information on the likely uptake of or forecast for a product

23.    To determine how your commercial terms compare to the competition

24.    To provide a basis for breaking down your market into smaller segments which can be targeted more specifically

25.   So you know where to target your limited resources of people, equipment, money and time so you get the best return

26.    To define the benefits of your offering from the customer viewpoint and determining why people buy from you

27.    To determine and quantify if export markets exist for your offering

28.    To determine if your offering will be acceptable in export markets compared to local competitors

29.    To determine your customer's decision making and buying processes

30.    To find out what your customer's customers want and thus help your customers to become better suppliers

31.    Ultimately to reduce your risks

We can help with all of these 

For more information, please contact:

Phone: +44 1332 898151

Email: info@bdri.co.uk