Conducting market research is a must for businesses of all sizes
For any business, market research is vital for survival and growth. Not only does it allow you to reduce business risks, it also helps to improve the competitive nature of your SME. Market research is the foundation of marketing. As a result, all components of marketing and business decisions should be supported with some level of research. There are various forms of market research, from surveys to field trials. Whether you’re starting out on a new venture or expanding your existing enterprise, when it comes to market research, there are many options available to you.
To this day, many businesses continue to embark on costly projects or ventures without conducting any form of market research. It is the case that all too often, enterprises fail as the result of a lack of market research. Quite simply, the only way to succeed in business is to make sure that your customers like your product or service and are prepared to buy it. You may have the best idea but it may never lead to business success if proper preliminary research is not compiled.
The most effective entrepreneurs minimise their business risks - market research is the primary tool that allows them to reduce risks. Whether hiring a professional or carrying out the research yourself, market research can augment the effectiveness of any of your future business endeavours without breaking the bank. The folks at Surveygoo created this infographic that gives us all the in facts on how market research can help you and your SME.
Thanks to surveygoo for publishing this infographic