Why Do You Need Marketing Research?

Below are some prime situations where marketing research can be of value to the success of your business:

Determining the viability of a new market for your company to enter.
Estimating market size/share/adoption rate for investment or business planning.
Identifying new product/service opportunities and value-added offerings.
Risk management – identifying what risks pose the greatest threat to your business.
Understanding what customers expect of you and how well you are delivering.
Root cause analysis for lost business or customer defections.
Identifying your most profitable customer segments and how to protect them.
Developing the right price points/identifying bundling opportunities.
SWOT intelligence on competitors to plan business strategies/identify M&A scenarios.
Understanding how customers perceive your market positioning relative to competitors.
Determining the most effective marketing/advertising channels to support your business.

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