Market research is the process of gathering information surrounding your business opportunities. It identifies key information to better understand your audience. This includes insights related to customer personas and even trends shaping your industry.
Why is market research important?
Taking time out of your schedule to conduct research is crucial botim data for your brand health. Here are some of the key benefits of market research:
Understand your customers’ motivations and pain points
Most marketers are out of touch with what their customers want. Moreover, these marketers are missing key information on what products their audience wants to buy.
Simply put, you can’t run a business if you don’t know what motivates your customers.
And spoiler alert: Your customers’ wants and needs change. Your customers’ behaviors today might be night and day from what they were a few years ago.
Market research holds the key to understanding your customers better. It helps you uncover their key pain points and motivations and understand how they shape their interests and behavior.
Positioning is becoming increasingly important as more and more brands enter the marketplace. Market research enables you to spot opportunities to define yourself against your competitors.