At Shugoll Research, we are often asked "do market research and analytics really improve sales and corporate profits?" The answer is yes. In fact, the numerous benefits of market research go beyond just the economic, including taking the bias out of corporate decision-making and benchmarking success. Market research can be used successfully to:
Market research is an excellent investment. Here are three key ways that market research can add value to your brand:
The soaring popularity of market research underscores the immense business value of data. However, this data must be collected and applied intelligently. A professional analysis of information can reveal otherwise indecipherable trends in consumer behavior. With the advent of artificial intelligence and machine learning, that ability has been enhanced many times over.
With the correct benchmarks as a foundation, your organization can build upon the programs, initiatives, and strategies that deliver the best returns. It is the ideal platform on which to base future business decisions and guarantee long-term success.
One of the prime advantages of using market research is that it drowns out external distractions which can derail company strategy. Most businesses receive innumerable solicitations from business to business firms, each touting its product or service as better than the rest. With market research, you can quantify and compare results and eliminate this ambiguity.
Not only is this extremely effective as a business strategy for growth, it also serves to cut out time-inefficient trials and assessments. This translates into better products and/or services for your customers, faster than ever before. There is no better business result than that.
No matter how much we try to avoid it, personal bias tends to creep into our perceptions and decisions. Market research data, on the other hand, is a condensed summary of real facts and figures, devoid of preconceptions.
A well-designed research strategy gives decision makers an even-handed comparative analysis of their options. Boardroom conflict over which strategy or tactic is best is much less contentious when real-world data can be placed on a screen for everyone to see. That information gives executives a bird's eye view of trends on which to extrapolate, and the foresight to divert resources away from less rewarding ventures.
In the end, investing in market research can help provide leaders with the information they need to launch a new product or service and understand consumer preferences. Please contact us today if you have any questions about how a customized market research study with Shugoll Research can benefit your organization.
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