The benefits of Market Research

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The Benefits of Market Research

If you’re ready to launch your product, service, or brand, it’s essential to ask yourself some questions. Consider the following:

• What is your target market?
• How big are they?
• What are they interested in seeing from you?

These questions only begin to scratch the surface, and it’s important to do research before you embark. This is where market research comes in. 

What Exactly is Market Research?

Market research is an objective and integral compilation and analysis of information about your target audience, your competition and the environment in which you are playing the game. The aim of market research is to increase your understanding of these components in the past, present and future so that you can use them to your advantage against your competitors.  

Below you’ll find some market research benefits.

Identifying Your Target Audience

If you’re a start-up or are just new to the market research world, you’ll find that the first thing Australian market research helps you to do is identify your market. 

Surveys, for example, are conducted so that businesses, governments and public bodies can gain information about the views and attitudes of the people who use their products and services. This will help you really identify your brand, a topic that we previously talked about {link to blog 1}.

Once you collect this information, you can come up with a ‘Customer Profile,’ which is an in-depth description of the type of potential consumer in your audience. This includes demographic and psychographic information, which make it easier to improve and adapt what you supply and how you supply it.

Improving Communication With Customers

Good market research will include information about how your customer base uses technology and what online channels they frequent. This will make it easier for you to customise what you say to your audience and where you say it.

Identifying Opportunities and Avoiding Pitfalls

You may have a great idea for a new product, but upon further research, you’ll find that your market doesn’t find it necessary or appealing. This will stop you from spending extra money and prompt you to make the changes that increase your product’s appeal.

For example, you may you want to open a Chinese restaurant in a certain neighbourhood where you found a great shop with cheap rent. However, if you are smart and do some demographic research, you might find that 80% of the population there is Chinese, so the restaurant might not get any traction. You can then do further research and find a better location for your business. 

Consumers Can Get Paid

As we have demonstrated, market research is invaluable to any business’s operation and marketing strategy. Let’s think about market research as a product for a minute, with the consumer as the retailer or provider of a service. Consumers have the ability to get paid via opportunities like online surveys for their honest and accurate information, and it all ends up helping businesses succeed. You can earn rewards for your time, and even more for referring friends

MyOpinions is Australia’s leading free paid online surveys community where you earn points to redeem for cash.  You can register for a new online account, take surveys and then redeem points for a gift card or voucher. Join today to make money for voicing your opinion!

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