In order for a business to thrive, it must understand its customers first. Knowing their interests and preferences will help leverage your product or service quality to deliver the needs as a solution to their most significant problem. Hence online surveys and consumer insight research exist.
Significance Of Market Research For Modern Businesses
Knowing the target consumer is a marketing commandment that one cannot ignore. Lacking an in-depth understanding of your consumers and their motivators’ preferences, behaviour, and attitude will rob your business of an opportunity to experience nurture and growth. Delving profoundly into these nuances by conducting well-thought surveys, running focus groups and analysing available resources can be an intensive yet fruitful task. More information is always a bountiful option than having less when you’re doing the research.
Marketing is never a guessing game, which is why many organisations invest in hiring the best market research company in Singapore that they can find and afford. Most conduct their research gathering data on the web since it is a powerful source of wide-range information. Nevertheless, it requires plenty of reviews before confirmation. Regardless of whether it’s social listening, conducting interviews or peer networking groups, gathering information can help you round what you need to flesh out customer personas.
On the other hand, marketing research enables product managers to garner feedback and lets them tailor more consumer-centric services and products in the long run during the product cycle. There is no shortage of reasons not to conduct a market research and online survey in Singapore for your business.
Here are more advantages to know:
- Reduces the risks of testing new ideas/concepts
- Helps create more informed decisions
- Key change-makers can formulate competitive strategies
- Maintains your business on top of trends
- Establish better connections with target audiences
- Keeps you having a customer-centric approach
Conducting Better Market Research
Now that we have tackled the basic importance of market research for business, it’s crucial to know the fundamentals for performing better market research. Businesses always rely on having tools and methods. Some would conduct focus groups, and interviews or let a research market company take over. Let us explore the fundamentals to make it more possible to conduct consumer research, especially for startup companies and SMEs.
Do Brand Research
Brand research determines how familiar your customers are with the brand and measures the memorability of its identity and logo. There is a significant difference between how an organisation perceives their brand and how its customers see it. Minor changes can affect brand recognition, such as changing its colour/s and how it appears before your consumers.
Never Make Assumptions
Making assumptions is among the deadly sins and pitfalls you can do when doing market research or evaluating an online survey result. It’s easy to observe the patterns and jump to assumptions to form a conclusion without exploring the reasons behind them and the trends playing a role.
Run Product Feature Insights
Consider gathering product feature insight (as part of your market research) if you’re updating a product or launching a new one in the market. You can do this before committing the business’s resources to produce advertising and large-scale production. It will help you collect feedback about the product’s design faults, possibly improving concepts and packaging issues.
Are you looking for market research and an online survey in Singapore? Learn your consumers effectively with Milieu Insights for market research and insight solutions.