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Market Research
The flourishing technologies aided with the internet have made customers smart and cognizant. Every nine out of ten customer tends to research online about the products before making a purchasing decision. Today buyers hold all the power. Hence it becomes critical to do market research from time to time to know and understand your customer.

How much some of the big winners spend in R&D?

  1. Amazon- $22.6B.
  2. Alphabet- $16.6B.
  3. Intel- $13.1B.
  4. Microsoft- $12.3B.
  5. Apple. $11.6B.
  6. Johnson & Johnson- $10.4B.
  7. Merck- $9.6B.
  8. Ford- $8.0B.

Market Research is your key to move up the ladder.

Market research is the process of collecting information about your targeted customers and buyers personas to analyze how viable, demanding and successful your product, idea or service is.

It does not only give a complete record of buyers of your product but also gives you a hint of the changing consumer behavior and market trends. It is always an important aspect to be focused on when you’re launching a new product or idea, trying to improve your existing services or just looking to be a step ahead of your competitors.

Let us consider few statistics to know why market research is very important to not only gain customers but also maintain them.
80% of Instagram users currently follow a business account.
90% of mobile consumers turn to search engines first to address their needs.
Every big company spent at least a combined US$858 billion on Research & Development.

Why do you need to research the market?

For better understanding & analysis of your new and old customers-

Which categories of the population buy your product? How often do people search or recommend your product? Who are your ideal customer personas? What do your customers expect? Who are your long term customers/regular buyer? The more answers you know the better insight you get. A better understanding of customers always helps you to deliver best to them and maintain a long term relationship with them.

For a better analysis of your competitor-

In a business, it becomes crucial to know and understand your rivals. Without looking at what your competitors have to offer, their next move, strength, weaknesses, and approach towards customers, you could not grab a good place in the market. Knowing and studying competitors helps to learn from their success and failure.

For the product testing before its launch-

Testing becomes very pivotal before you jump into a business or before you launch a product. Every small or large business tests its idea or product before displaying it in front of the customer. Thorough testing saves you from additional expenses and most importantly, from delivering a bad product to the marketplace.

Helps to survive in market-

‘It’s not that the strongest or the most intelligent who survive in the market, but the one who can adapt to market changes survive for long’. This can be well understood by looking at some of the giant companies like Nokia, Blockbuster, Kodak, Ambassador who went out of the market just because they did not give much in market research. Researching the market helps to know the existing as well as upcoming trends of the market. Thus to remain in the market and stay relevant, it becomes critical to anticipate changes and adapt to them.

For business growth-

To comprehend the demands of your customers, plan perfect marketing campaigns, find more business opportunities, and reduce loss it is pivotal to invest in the R&D team. Their research allows businesses to classify their objectives and take advantage of every current trend. Effective market research does not only help you to detect pitfalls but also to save money and time.

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