There was a time 6 years ago when I didn’t believe in market research and the importance that it can play in the livelihood of a business. I was a bright-eyed 20 year old taking my first market research class.Up until that point the only market research I ever came into contact with was during government elections.
Flash forward 6 years: having done more then a few academic and real-world market research studies for both national and international clients, I can firmly tell you that the end results can reveal more about a business, industry, clients and employees than you may already know. Market research is like the smart kid in school who knew everything and was always right.
One of the best examples from my past experience was when a client wanted to apply for a government grant. They had an idea of who they thought their target market was and wanted to put that on their grant application form. After finding out that the number was more of a guess than based on hard facts, I asked for some time to complete some market research to find a more accurate demographic profile for them. After a full week and 60+ hours later, I was able to prove that their demographic was about 10 years younger than they thought and included more Gen Y than originally planned for.
Since that early project I’ve seen the power of market research. It can be costly both in time and finances but the results can only help your business. Plus not doing any market research can end up costing you more in the long run if you make the wrong decision. Market research won’t solve every problem, but it can help you better understand your business and make a more informed decision.
