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The Importance of Good Marketing Research for Business

By: SmallBizClub

 

Importance of Good Market Research

When you read this article, there’s a decent chance you’ll be using products from at least three different companies. With how global the brands you’re familiar with are, aren’t you curious how they reached your home or office?

Perhaps the more specific question is, “What sets apart big companies from small businesses?” The former has branches all over the world and have the power and capability to grow bigger, while small businesses are limited to a specific location or market. You may initially think that this is because corporations have more money, which isn’t wrong. They used those funds to expand and go beyond. But does that paint small businesses in a bad light? Not in the least.

You could say that conglomerates have the budgets for marketing research. It’s not unheard of. In fact, in 2015, market research companies in the U.S. raked in $19.1 billion, meaning that businesses big and small set aside a huge chunk of their budgets for the task. This is a good investment that doesn’t just pay for itself but also guarantees you great returns.

You could say that you can’t start any entrepreneurial endeavor without data gleaned from hours and hours of research. If anything, you don’t. You must prepare first. And a part of that preparation is the proverbial “scouting of the terrain.”

Just like how scouts are sent ahead of the main army to gather intel in, on, and of the battlefield, your research is your main means of knowing whether your business is appropriate for this market, in this location, and for these types of customers—or even whether it’s needed or if it will survive and flourish under the strict yet changing circumstances. Another far-looking benefit is you being able to create an efficient marketing strategy.

The benefits don’t stop there though. The following infographic lists down the good and the bad (spoiler alert: if any!) of good marketing research for your business.

Resource:

“Revenue of Market Research Companies in the United States from 2009 to 2012 (in Billion U.S. Dollars).” Statista. n.d. www.statista.com/statistics/491581/us-market-research-revenue

Author: Rick Enrico is the CEO and Founder of SlideGenius, a presentation design agency in San Diego, California. He regularly publishes expert presentation and marketing tips on the SlideGenius Blog. You can connect with him on LinkedIn and Twitter.

Published: July 14, 2017
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SmallBizClub.com is dedicated to providing small businesses and entrepreneurs the information and resources they need to start, run, and grow their businesses. The publication was founded by successful entrepreneur and NFL Hall of Fame QB Fran Tarkenton. We bring you the most insightful thinking from industry leaders, veteran business owners, and fellow entrepreneurs. Follow us on Facebook, Twitter, and LinkedIn.

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