Why Marketing Research is Essential

Developing a marketing plan without first conducting research can more than likely result in a dreadful waste of time and money. How can you get reach your destination if you don’t know where you’re going? Understanding your product or service, your market, and competitors is crucial to the success of your marketing strategy.

Testing your product/service

To guarantee success, you must first market test your product or service to ensure consistency, quality and your business’ reputation. You may find that your product resonates with a different audience than intended or that it still needs some fine-tuning. Testing your product before taking it to market is a fool-proof way to increase your chances for success.

Breaking down your market

Currently, your competitors are ahead of you, merely because they got in the game ahead of you. Market research will help understand what’s gotten them ahead, and some opportunities where you can power ahead of them. For example, if you’re manufacturing to-go cups and finding your customers are hoping for a cup that keeps their drinks cold, you might do what Yeti did, and develop technology to insulate their cups.

So, what are you waiting for? Take the first step in Marketing Research, and ask yourself what question you need answered.