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Market Research Is Crucial
Market research is an important tool for assessing industry landscapes and gathering customer insights, which can ultimately allow you to make more informed decisions for your business.
New data shows that the global market research industry’s revenue surpassed $73 billion in 2019 (up from $46.09 billion in 2014), which suggests to me that the industry is booming and that more companies are aggressively investing in third-party research to understand their markets.
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What To Do Before Reaching Out To Market Research Firms
Before determining what research method is right for your business, it’s important to conduct frequent preliminary internal research to understand your market and its white space. This will provide a starting point and assist you when you’re outsourcing formal market research.
This research can also prepare your team for initial conversations with market research firms and allow you to communicate your expectations and needs.
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Opting In To Surveys
Now that market research teams can integrate artificial intelligence into their survey strategies by leveraging third-party technologies, results may now be more reliable and more transparent, which could make this option a preferable choice for C-suite executives. Survey results can also reveal details about your target audience, which can help you tailor your sales funnel and pipeline.
Surveys also reveal market perceptions and provide guidance on how companies should reposition, market or rebrand themselves.
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The Value Of Data
Once you have the results of your market research, it could allow your company to scale more quickly and mitigate risks along the way. New insights may reveal problematic pathways or negative perceptions of your company but could also reveal where there is white space and an opportunity for growth.
To optimize cost and maximize reach, you can and should utilize these results throughout the fiscal year and use them to help shape your business strategy.
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Market Research: Important Strategy
Market research is a longer-term investment. The ROI can pay dividends over time, but measuring prematurely could dampen expectations. Companies can use market research to inform business and marketing strategies and to maintain strong and loyal customer relationships over time.
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