• Try to Look at Market Research as You Look at Advertising —– As a Need

Most small business owners understand that advertising is necessary for a business to grow. If you ask a small business if they need to do any advertising they would say “Yes”. However, they may have no information regarding market research. Market research helps you increase profits. It helps you understand why you lose customers and retain them. It also improves employee performance to successfully launch a new product or service. 

  • #1 You’re Not Getting the Expected Return on Your Advertising

If you’re constantly investing money in your advertising campaigns and getting no profits in return for those investments, you need to go towards market research. Firstly, many advertising agencies use market research to improve their reach. Advertising research usually consists of message testing, creative testing, and customer persona development. Secondly, to produce an effective marketing campaign, you need to identify your customers’ habits and lifestyles to reach them more effectively. Thirdly, Invest in market research if you’re not receiving the desired response from your advertising campaigns.

  • #2 You’re Launching a New Product or Service

Market research is essential while launching a new product. as it provides you with information through facts and helps you step into unfamiliar areas in business. Feasibility studies and online surveys can assist you with new business concepts and product launches to better understand the market. It can also help with price testing through the Westendorp pricing model. Market research is the way to go when launching a new product.

  • #3 Your Employees Aren’t Performing as You Expect Them To 

Your qualitative research shouldn’t focus on your customers only but also on your employees. An employee survey would help you better understand their motivations and priorities. Employee surveys would mean satisfied employees, which leads to satisfied customers. If you’re facing problems regarding employees, you should conduct an employee survey to satisfy them as studies prove that happier employees lead to greater profits.

  • #4 You Don’t Understand Why You’re Losing Customers

If you are constantly losing customers to your competitors, you should opt for a Voice of Customer Survey. A simple email survey to your customers would help you understand the reason you’re losing customers, and then you can work on improving your customer service to prevent customers from leaving and attract new customers as well.

Are you worried about how to do these different surveys for different circumstances? You don’t have to! GrapeData can conduct market research for you, they possess information from all groups of people to experienced professionals, providing you the best results for your market research and helping you grow your business.