What If You Don't Go For Market Research Before Starting A Business?
If you don't go for market research, you may fail to understand the market and the competitors. You will not know your niche market where the consumers are expecting the right product or service for them. You will be caught unawares when your offers may not be appreciated by the target audience, as a result, you will have to undergo some costly modifications. It will take a lot of time and will eat into the capital too.
All these and more you can avoid by using information from the industry research companies, that you hire and it comes up with the required research report. If you do not do market research before starting your business, you will fail to measure your brand reputation in the market with its target audience during a period. It is a superior way of knowing what is to be done and what has gone amiss.
You do your business planning and market research is a tool that helps your business planning. Qualitative market research is a way of knowing what your customers are thinking presently, what their buying pattern is and also where they are located. Market research will help you figure out market trends and you will see what your competitors are doing. It helps you bridge the gap between customer expectations and your offerings. This help in the identification of gaps is something that makes market research indispensable. There are not many tools that would let you take corrective actions and save a lot of time and resources. When you pursue your goals, you know what your goals are. They are either customers or growth in sales. You won’t be able to say for sure if your goals are tenable and achievable in a given context under given parameters if you don’t have market research going for your organization.
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Limitation of Marketing Research
Effect of Extraneous agents: Volatility in the extraneous conditions and changes in technology leveraged by others are the factors that cannot be predicted accurately and firmly. This is a contingency one has to live with, with or without market research.
Time Gap: taking too much time in doing research may not be efficacious. The needs of the hour now and the ones after a long period are going to be hugely different. One has to make sure that market research is done a bit quickly and gingerly.
Cost of research: In-house market research is possible in a given context if you have skilled professionals on your payroll. You will be saving on the cost and getting the desired outcome as planned. You may have to hire professional marketing research companies if you think you have your limitations.
The problem of change: There happens to be a rapid change in customer preference, competitor poaching, innovations, disruptive technology and its onslaught, and so on. One has to brace oneself to face these situations before one plans market research and strategic action.