THE IMPORTANCE OF MARKET RESEARCH FOR YOUR SME
According to Insidesmallbusiness.com in their article What market research can do for your SME, “…market research is a key tool for small to medium businesses. It may seem like a time consuming process but what it brings to your business is invaluable.”
SME | Market Research
Insidebusiness.com is right in stressing the importance of market research for your SME whether you are starting on a new business venture or maintaining your SME. Good market research can present the opportunities that can help your business reach success or keep in on the right track.
Market research is the process of digging deep into clients, suppliers, competitors and the current state of the market/sector in which you wish to enter and thrive in. Through effective market research you can:
- discover and analyze the current positioning of your business
- see how your company and your customers are influenced by the market
- discover what your company must do to maintain or improve its market position
- obtain an in-depth analysis of your current or perspective competitors including their promotional campaigns, products, prices, weaknesses and strengths.
Additionally, market research provides the answers to vital questions such as:
- Who are my customers?
- What do they buy now?
- Why do they buy?
- What will make them buy from me?
The benefits of market research are plentiful and can be seen across the many aspects of a business. Market research can help you better develop your SWOT analysis to make opportune strategic decisions and set appropriate business targets and positioning maps and establish your branding strategy, product ranges, pricing, advertising budget, corporate standards and Human Resources.
Market research is especially important when looking to improve your customer service. At INSIGHTER we pride ourselves in specializing in mystery shopping and the many benefits that it provides. If you are planning to launch a business or new product, maintain or improve your current position or improve your customer experience, contact us at one of our international offices across the world to see how we can help you with you SME to set it up for success.