11 Jan Benefiting from Market Research Insights
Market research is vital to your success as an innovative entrepreneur. Of all the reasons why new businesses struggle, 70% of businesses fail due to poor market research, but it doesn’t have to be that way. Market research can provide the insights you need for your business to succeed. PwC studies have confirmed that businesses using market research, for example to benchmark business performance and strategies, have achieved 69% faster growth and 45% greater productivity, over those that don’t.
Market research can help you make the best, most informed decisions to ensure a strong alignment for your product and market fit and ensure your prospective target consumer is looking forward to engaging in your business. When markets are changing, your insights will help you anticipate this so you can successfully transition to the next successful initiative.
- Grow on a strong foundation. As knowledge is power, market research helps you gain a better perspective on your target market and community and position yourself for success, to help you provide the best solution in the best way.
- Reduce your risk. One of the most common reasons for business failure is the lack of a product/market fit. Market research help you ensure you are providing the right solution to the right people at the right time and staying ahead of your competition to successfully engage and grow with your customers.
- Gain opportunities. Discovering emerging trends can be foundational to your success. You need to see the opportunity to seize the opportunity. Market research can help you learn directly from your prospects how your business can be most helpful for them, and to grow your business. It can be a key component in your SWOT analysis, providing insights into your strengths, weaknesses, opportunities to grow, and to help you optimize any risks involved.
- Benefit from data-driven strategies. While your own intuition and personal experience can provide key insights for your strategic initiatives, supplementing those with market research can help ensure that your success is empowered by market realities, and provide you the best opportunity to realize your goals.
- Access reliable revenue projections. The market forecast from your research helps you anticipate areas of growth with the most solid foundation for your success.
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