6 Reasons Why You Should Do Marketing Research for Your Business
When starting a business, one of the first things to do is marketing research. If you want to reach your target audience, create a strong brand image, and influence consumer purchasing decisions, then marketing research is the answer.
The primary job of a marketer is to market the right product, in the right place, at the right price, and for the right people. Besides, a marketer also needs to find out whether consumers are satisfied with the products they buy, so that they remain loyal to your brand.
1. Identify Problems and Opportunities in the Market
Marketing research will help identify new market opportunities for both existing and new products. This research will provide you with information about market share, nature of competition, customer satisfaction levels, sales performance, and distribution channels. This information can also be used to solve problems your company has.
2. Develop a Mature Market Strategy
Currently, the market is no longer local, but global. Companies are increasingly finding it difficult to make contact with consumers and control distribution channels. The competition is just as bad. Consumer needs are increasingly difficult to predict. Market segmentation is increasingly difficult in a very broad market.
This is where marketing research has an important role to play in dealing with these problems. With careful research, you will be able to better formulate a marketing strategy and be able to identify the needs and characteristics of consumers.
3. Increase Sales
Marketing research is used to analyze and evaluate company performance in a market. It also studies the effectiveness of the sales force and identifies the most potential sales areas.
This information can help the company identify areas that need to be optimized, and also help the company find alternative methods of distributing goods.
4. Estimating Sales
One of the challenging tasks of the production manager is to keep the stock of goods optimal. However, production needs to be done to meet demand. Therefore, sales forecasts calculated by scientific methods are indispensable.
Marketing research assists in sales forecasting using the market share method, the sales force estimation method, and the jury method. This will also help you improve your sales quota and future marketing plans.
5. Revitalize the Brand
Marketing research is used to study and find out your brand position or brand position. This step is taken to explore the possibility of expanding the brand or even changing the brand name itself.
As we know, one of the main goals of marketing is to build brand loyalty, and marketing research will help in developing techniques to popularize and maintain consumer loyalty to your brand.
6. Make it easy to introduce new products
Marketing research can help test new products in one or two markets on a small scale. This will help you find out how consumers respond to the new product, so that you can develop a suitable marketing mix concept. Thus, this step can control the risks that may arise when introducing a new product.
This is a discussion of 6 reasons why marketing research is important for your business. For your business to grow, don’t forget to advertise through the Froggy Ads service, you can start by advertising your products so that later you can increase visitors on your online business portal. Froggy Ads is an online advertising service that can help you control all your product campaigns. helps you target your desired marketing target and gives you many options to market your product.