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10 Reasons Why Market Research Is Important!

10 Reasons Why Market Research is Important!

 

1. It is imperative to embrace change. The climate of your business is changing faster than ever, and you need the latest information to make solid, meaningful decisions.

2. You can get a leg up on your competition by studying industry results, consumer shopping habits, attitudes and awareness, brand positioning, and new media consumption trends.

3. Research allows you to ask questions that if you had the answers to you could make a positive change or take corrective action.

4. Starting a research project gets everyone focused on the same page: top management, marketing department, and stakeholders….

5. Research uncovers opportunities that lead to strategies and plans that are focused on generating revenue.

6. It’s the best way to set goals and measurement against agreed upon benchmarks.

7. Research helps to substantiate budgets and focus resources.

8. Research allows you to avoid false starts, do-overs, wasted efforts, and costly mistakes.

9. There are things you know, things you don’t know and things you don’t know you don’t know.

10. Proper annual planning begins with research. Urgent matters are always taking priority over important matters like planning. But planning and strategizing can be the most urgent and important things you can do to increase the return on your marketing and advertising investment.

The end result is a roadmap for a plan that will distinguish your brand experience and articulate your unique strengths to your target audiences for increased awareness, sales and market share.

If you would like to discuss market research for your project or brand, contact us today for a FREE consultation.

 

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