Brands are not built in a day. It takes years of hard work, deep understanding of the customer mind set and the market environment to become from an unknown to very well known.
Market research helps companies become brands. It is the critical link between the company and the consumers as well as the investors. Market research basically means, the process of collecting data to determine whether a product/ service will satisfy the needs of your customers.
Hence market research gives the companies estimated answers to the questions of what to offer, when to offer, how much to offer, for whom to offer, at what price to offer and what are the offerings of competitors.
How does market research help the business?
Market research scope starts much before the business is established. The very first research that any business does is, ‘Whether my idea will work or not?’, ‘Who and why will anyone agree to buy it?’ and ‘Who is my competition?’
After clearing these initial phases, the next big question is, ‘Is my product/ service working?’, ‘Am I meeting my customer expectations or not?’In this case market research aids the businesses by providing the actual scenario of the market. Market research firm helps in this aspect by testing the product pre and post launch. It also conducts a customer survey to know exactly what the consumers felt about the product/ service and about the overall experience.
Another problem that the companies face is that of the competitors. Market research helps the companies keep a tab on the actions of the competitors also maps the progress of the company with that of the competitor. This allows companies to always stay a step ahead of the competition.
Market research also helps in forecasting the trends in the market which helps the companies to plan for any contingencies in the future.
The scope of market research is not limited to only company-customer relationship but also the communication between investors and company. While the company is worried about the customer satisfaction and sales, the investors are worried about how well their funds are being utilised, for which purpose market research provides a detailed analysis of how to manage the fund well.
Overall market research helps to strike a balance between the company-consumer as well as investor interest and helps to attain a win-win situation for all.