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So you think you know your market, eh? Ok. Say you have an insight of what your target audience’s wants and needs are. And then you plan your entire marketing activities based on a “guesstimate”. Uh-Oh… not so advisable.
You may have a lot of data coming from different sources, but that means absolutely nothing if you don’t look at it properly and analyse it thoroughly. By properly researching your market, you get one step ahead. You have an advantage against your competitors.
Market research is a systematic, objective collection and analysis of data about your target market, competition, and/or environment and your goal should be to increase your understanding of them. What most people forget is this: market research is not an activity conducted only once. It is an ongoing cycle, or at least it should be if you are really going to benefit.
The power of information is outstanding when it comes to market research. The information you find can guide your most important strategic business decisions and usually, if done properly, the findings and conclusions you reach have a value that exceeds the cost of the research itself.
So here are my top 10 benefits of market research:
