7 Insane Ways Market Survey/Research Could Benefit Your Business
Are you or your business at a point where you’re asking what’s next?
Brands that want to build resilience and sustainable growth with customer experience leverage market surveys and research to ensure they can keep engaging and delighting their customers with a great overall experience. This is why delivering a remarkable customer experience remains the topmost priority for business professionals. Market surveys can help businesses gain more capabilities to deliver their growth strategy.
Below, we analyzed five of the most benefits this can have on startups and businesses of all sizes.
1. Getting to know your customers better
There are a lot of reasons why you want to make your customers the focal point of your product and service offerings. Above all else, this will help you drive customer loyalty and help you retain as much as 93% of your customers, according to Hubspot.
Market research will help you gain a 360-degree view of who your ideal customers are. These include insights into your customer personas, who they are, why they buy, and what they expect. Demographic data alongside other info such as gender, age, income, and others will help you gain a better understanding of your target audience. This in turn can help you optimize marketing and service delivery to ensure your business keeps its hard-earned customers.
2. Keeping tabs on your competition
Businesses can leverage market research to conduct competitive analysis.
This can help you gain a full understanding of your competitor’s brand position --something you want to do if you want to try and beat them.
With proper market research, you’ll be able to;
- Identify the key competitors in your market along with details of their products and services
- Understand your competitor’s approach to marketing
- Gain insight into their distribution and delivery systems
- Discover consumers’ perception of their brand, etc.
With the relevant data, you can then proceed to capitalize on their strengths and weaknesses to get an edge and grow your business.
3. Test-marketing product or service viability before launch
Planning a product launch soon?
You’ll be better off getting real-world feedback on such products before they hit the markets. Market surveys, consignment testing, and market research, along with market research mobile apps are just a few of the many cost-effective ways to test your products or services before they’re presented to the intended audience. Not only will this prove vital in saving you from avoidable expenses, but it can also help ensure you fine-tune the product experience so it can more easily connect with the markets.
4. Driving business growth and resilience
- 96% of consumers say customer experience is important to whether or not they stay with a particular brand.
- 73% of companies with above-average customer experience report better financial performance compared to their competitors. -Forbes
Reports also have it that customers are willing to pay more, provided they get a better customer experience. Businesses that want to stay in business need to keep their customers while they try to acquire more. It turns out the best way to the customers’ hearts is to deliver an excellent customer experience. Delivering this as well is reliant on important data that could only be collected through market surveys and research.
5. Capitalizing on emerging trends
Growth opportunities come now and then.
Businesses that can spot these trends early on tend to have an edge as they have the lead to position their brand ahead of the curve. Fortunately, market research can help businesses get an eye on emerging trends so they can capitalize on these to stay ahead.
6. Minimizing investment risks
Another key business benefit of market research is how it helps entrepreneurs and investors better identify market options, provide object perspective, and increase confidence. With investments, this is invaluable as it can help to keep risks within reasonable limits.
7. Facilitating strategic planning
If you’re in the process of developing a strategic plan for your business, you’ll no doubt need to leverage relevant market data with regards to your current situations.
Conducting market research will help you find answers to the questions you have. So, market research is more like a backbone to any business’s strategic planning.
Market surveys and research will help you uncover deep insights into your customers’ inclinations. Surveys can also help your brand understand its positioning and perception, in comparison to competitors, as the feedback here is more objective and accurate.
In the end, this could be your holy grail to designing the kind of experience that helps you to not just acquire customers but also ensure they keep coming back.