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5 great reasons to do market research

Posted by MFour on Nov 22, 2019 8:00:00 AM

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Market research fuels business. 

By doing market research, you can explore what your market needs, test ideas before investing heavily, track success over time, and adjust your strategy to lift your sales.

Here are 5 great reasons to consider doing a research project with us.

  1. You want to create a new product or service
     
    Ever seen a new product flop, hard? It’s not a pretty picture.
     
    Strangely enough, it happens all the time, even at the enterprise level. At MFour, we see this as a missed opportunity. When you understand the true needs of potential customers and existing clients, you don’t fail. The answer is to conduct thorough research ahead of time to capitalize on sales and revenue.
     
  2. You want to enter a new market
     
    When a new location, it’s helpful to know what the future looks like. Surveying the market ahead of time is a great indicator for what the health of that opportunity is. For example, if your business is looking into selling in other states, surveying consumers in those states can help you know how well you’ll do. You can also get a sneak peek at the competition, by talking to consumers who frequent your competitors’ locations. It’s great intel.
     
  3. You want to target a new type of buyer
     
    It’s hard to know your existing buyers like the back of your hand (what’s that spot?!).
     
    This is even more true with new buyers. Going after a new consumer means accurately understanding their wants and needs, and learning how to speak their language. A survey offers welcome relief. It’s actual feedback from the people you want to reach. And it’s easy to do, you can get the data you need by surveying a consumer panel with hundreds of demographic data points. Let them tell you want they want.
     
  4. You want to run a large Out-of-Home advertisement
     
    Out-of-Home (OOH) advertising has the strongest ROI of any media source, if you can measure it. However, understanding ad effectiveness in OOH is more challenging than other channels, because it’s not digital.
     
    Good market researchers can understand the impact of their OOH campaigns by researching what consumers are thinking in the moment the see their signs. Using a consumer group, and sending a survey when they pass you billboard offers real, unfiltered, and accurate feedback.
     
  5. You want to beef up your customer service department
     
    Customer service is a higher priority than ever. For retail locations, they’re your biggest key to sales. If your organization wants to win on customer service, it’s important to uncover the issues to solve within the department. Again, we can help you design the right market research survey to figure this out.

Of course, there are many other reasons to do market research. If you’re interested in learning more about our market research solutions, click here. If you’d like to learn about the 7 step process to conducting market research, click here.

Topics: market research, out of home advertising, consumer panel, behavior driven research, market research needs

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