Tuesday, July 25, 2017

Why Market Research?

If there's one thing I have learned as an entrepreneur it is that most small businesses simply don't do any market research.  To the extent that budgets are restrictive I can understand this reluctance.  But there are so many good reasons to undertake some market research.  Consider:

1.  Market research means a better understanding of customers and prospects.  People come to us to satisfy needs.  We need to have a good handle of what those needs might be.  And without market research we won't know about trends among our customers until it is too late.

2. Market research means a better understanding of competitors.  It is difficult to differentiate ourselves from alternatives if we don't know what those competitors are doing.  And without market research we will have a much harder time staying ahead of the competition.

3. Market research means a better understanding of our own products and services.  We are sometimes too close to our own work to be able to spot imperfections.

Overall, market research helps us make better decisions because we have a better handle on our customers, prospects, products, services and competitors.

Bottom line:  Moving along without market research is a risk.  It means doing business on a hunch, assumption and pure faith.  It means giving an advantage to a competitor who might be using this tool to better understand their market and better serving your prospects and customers.  There are low cost ways to find better information.  Don't let this opportunity pass you by!

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