Importance of Market Research for Creating a Business Strategy

Businesses are required to form a marketing strategy in order to survive. The strategy can be as simple as focusing on any dimension of marketing, or using any of the available tools, or it can even be a 360 degree marketing plan devised to make the most of all the available marketing platforms and methods. In either case market research goes side by side. It helps a business devise its marketing campaigns by better understanding consumer trends and market insights.

Marketing research is the process of gathering data about the dynamics a company is working under. From customers’ demographics to competitive analysis, marketing research comprises of a survey deemed necessary to better understand the business climate that a company works under. This will eventually help a company to make informed decisions, which will in turn help ensure long run success of the company.

There are many areas in which marketing research facilitates a company; it helps when the company plans to launch a new product through test marketing which is a popular form of marketing research; it assists the company gain valuable feedback for potential customers about the quality of the products and subsequent negative feedback can help a company save billions of its investment by revamping the product before launching it. Similarly marketing research that is conducted to find out about existing product(s) allows us to know whether the product is consumed by the intended audience or not; negative results in this area would mean that the company needs to revisit its advertisement campaign and try to involve the target market of the product in a better way.  Substantial data can be collected by surveying the local community, which will help the company better understand societal dynamics and therefore make decisions accordingly.

As said earlier, once the company has gathered all the relevant data, , it can make informed decisions or rather it can craft strategies which help it attain desired results. Market strategy is a highly delicate variable and is dependent on several other factors from the surrounding, therefore continuously needs to be revised and altered.  There are times when a previous strategy might stand to be obsolete so a new strategy is required; an entirely new budget would be made and similarly a new target audience or a new marketing concept would be necessary which again requires marketing research.

Marketing research has become an integral part of business strategy and data proves that without adequate research, an effective strategy cannot be formulated. Marketers must always be open to the fact that they can make mistakes w