Do you happen to know that many fresh businesses are closing after a year they have opened? The answer comes as a surprise since the rate is high than most people would think. Aside from the businesses that close, a lot of new products out in the market are also discontinued even before earning profit. This is why market research is so important for any product or company
If you are pondering on the importance of market research it is important that you consider your thoughts and feelings that may influence your business decisions. Your thoughts and feelings about the product may not be shared by the market.
Don’t go into thinking that your public library is enough to succeed since you love reading books. You may discover that other bookstores in the area are currently struggling or may have already closed. The primary reason that you need market research for your business is human emotions.
Being able to predict marketing trends and tell customers’ buying habits is another reason for you to consider market research. It may seem that there is a steady number of customers at your local bookstore, but careful market research will reveal that during the last five or ten years there has been a decrease in sales. People that are buying books online are all the more reason why market research will make you think twice about putting up an physical bookstore.
Another consideration when it comes to why market research may help you and how is that it may actually work to your benefit in many ways You will discover through market research that you have an advantage over brick and mortar bookstores because you can sell your products much cheaper online which is quite more enjoyable to a lot of peole. Doubling your sales through websites may be feasible for your business.
It is a definite advantage if you can see that you are doing something correct with your business. To set an example, a rival bookstore may be selling used books in a different manner. Research into trends with book buying and selling may tell you that this is a big business, so you can use this to your advantage with marketing campaigns, drawing attention to this aspect of your business This is why market research can help you in this regard: you know what to actually advertise and highlight about your business, not just what to discontinue or avoid
Closing down even before geting to its first year is just one of the many things that you can avoid due to the help of market research. You’ll also maximize profits and have a better understanding of the direction in which your business should be headed