As a business owner, you are required to make important decisions concerning your products or services but have you ever wondered if those decisions were the right ones for your business?
You may find yourself saying, “If only I had enough information, I would have made the right decisions.” It is not as simple as you think, but just like any business problem, there is a way to make informed decisions.
In the world of business, information is key. As W. Edward Deming once said, “Without data, you’re just another person with an opinion.” Through data and information, you can make the best decisions for your business. The best way to get into the minds of your consumers and make the best decisions about your products and services is through Marketing Research.
Marketing research is testing the feasibility of your product or service through data analysis, polls, surveys, news, segmentation, and quality research. The idea is to find your audience and understand their wants, needs, and dislikes. Through market research, you can understand your target audience and find the communication channels that are best suited to interact with them. It is also a good way to determine whether or not a new product should be launched.
Aside from internal decisions, market research is also useful in competition analysis because it will help you determine the best practices in your industry and keep you up to speed on price shifts, new technologies, marketing, and even advertising.
There are two main types of market research: qualitative and quantitative methods. Quantitative methods can be done and counted physically or digitally within your business premises, like online surveys, questionnaires, and polls. While Qualitative methods involve gathering data from sources like focus groups, news, journals, articles, case studies, one-on-one interviews, and social media discussions.
When proper market research is done, you make decisions based on the needs and wants of your consumers. Even after gathering all the necessary data, you will still need the service of an expert to interpret it and when it comes to marketing, CPPL is your number one agency. We have a team of experienced offline and online marketers who can effectively carry out market research and interpret the data obtained without any stress. We can help you carry out your entire marketing research and provide you with credible insights and recommendations that will guide you in making the right decisions concerning your products or services.
So what are you waiting for?
Would you rather speculate or make informed decisions?
Send us a brief now and we will help you revolutionise your marketing activities. Kindly click on the link below to contact us:
Author: Titilope Agbaje