We’ve all heard the thought-provoking question: “If a tree falls in the forest and no one is there to hear it, does it make a sound?” Honestly, yes, it does and it’s pretty rare that absolutely nothing is in a forest when this kind of thing happens, anyway.
OK, but let’s apply this mentality to the business world. “If a company has good services but no one knows about it, does it actually exist?” Again, the answer would be “yes”. But if it continues at that rate, it probably won’t exist for long.
That’s the whole point when it comes to marketing. It’s a sound and viable way to make people aware of a company or business so that customers can partake of the services that it has to offer. However, in order to do good marketing, effective research must be performed, first.
This article will explore five benefits that come with market research as it directly relates to business marketing.
Market research helps you to be proactive. Even if you have the best company of your kind in your area, the key phrase here is “of your kind”. In other words, every company has its own level of competition. Market research helps you to see what “the others” are doing so that you can form your own kind of game plan to stay ahead of what’s current rather behind your competitors.
Market research helps you to better meet the needs of your customers. It’s one thing to do marketing. It’s another matter entirely to actually do effective marketing. Market research helps to you hone in on the things to present to your customers that will keep them coming back to your place of business while you refer them to others.
Market research helps you to fix problems. All companies have challenges, but sometimes it’s hard to see them for one, and then secondly, to implement a realistic plan to address them. Market research is a great way to look at things from the “outside in” and consider approaches that you might have overlooked had you not done a bit of investigating.
Market research helps you to engage new potential clientele. It’s basically good for any business to have interns, especially in the marketing department, because they tend to be younger. This means that they are aware of some of the newest trends in advertising and marketing, especially as it relates to technology. So, if you want to discover some inexpensive ways to attract new clientele and you are fortunate enough to have the best executive MBA intern from a particular school at your company, make sure to take advantage of his/her expertise. It will be one of the best things that you could ever do to stay modern and current.
Market research helps you to network. Sometimes, we’re so focused on competing that we don’t realize that there are benefits to networking with certain kinds of business and entrepreneurs as well. If you’re looking to design a new website or you want to get more creative with how you advertise your business, get on LinkedIn and ask around. Good networking is a great way to get and stay connected to people that will help your company to grow.