Thanks to the power of technology a.k.a the internet, starting a business is easy compared to some 10 or 15 years ago. With just a few short clicks, one can easily set up an online account, start selling products and services with the whole social media universe as your market.
That is why it is all the more challenging to sustain a business because everyone can just go online and be your competition. So how do you stand out from the rest? How do you achieve success?
A business starts with an idea – what your product or service will be, why you want to sell them, how you will sell them and when. But before committing substantial resources to start your venture, it is vital that you do diligent work in determining its feasibility. This process is known as Market Research
Market Research and Its Importance
According to Investopedia, Market Research is the process of assessing the viability of a product or service through research conducted directly with the consumer. It determines the past, present and potential customers of the said product, their characteristics, spending habits, location, and needs.
Every product or service that is successful today is a result of thorough research. When you are armed with all the critical information such as your consumer needs, their location, etc. then naturally, you would also know what you would produce to meet that need and make it available in places where there is demand.
Suffice to say, before you even start your business, you should already be well aware of the essentials.
Results of Market Research
With proper market research, you are guaranteed the following:
1) You will get to know your customers better.
You will be able to identify who your buyers are, their demographics, personality and traits, what they need, how often they buy, and their expectations of your product. When you understand these things, you can tailor make your products and services to match those of your consumers.
2) You will also learn about your competition and their strategy.
Market research also helps you know and understand your competition – who they are, their approach, their experience, and most importantly, their weak points. Armed with such information, you know what to avoid and how to stand out to get noticed.
3) You will be able to test your product before launching.
Even when your product is all good and ready to be introduced to the market, it is always a good idea to test the waters first. The initial feedback you get will make you aware of anything that you need to improve on, what approach to take when marketing your product and what not to do.
4) You will stay in business.
Times change. Whatever worked for your product at the beginning may not necessarily stay that way a few years down the line. WIth market research, you stay up to date with the trends so you can adapt and remain a hot commodity even in the changing times.
5) Guaranteed business returns.
Market research allows you to capitalize on newly discovered market opportunities. It helps you improve, and encourages product innovation. When your product continually changes for the better, it results in continued patronage and steady increase in profit.
Advantages of Outsourcing Market Research
While market research is a worthwhile and crucial business strategy, it is also time-consuming and a constant effort. So outsourcing it to a reliable BPO company in the Philippines is the next best thing.
Not only does it save you valuable time, but it also guarantees that experienced professional researchers adequately do it. BPO companies employ effective methods in conducting research work ensuring complete and accurate information which will be your key to success.
Let our warm and friendly, expert professionals at Executive Boutique help you achieve business success through market research. We offer you competitive pricing and flexible contracts.
Contact us today for a free quote!