Market research is necessary for a business to learn and grow. But many businesses push off conducting research due to budgetary restraints and feel there are more pressing areas to invest in than research, which is a mistake.
In a recent study conducted by market research firm, Attest, 26% of businesses surveyed said they do not gauge the market before launching a new product or service. 16% said market research is too time consuming, 35% claimed market research was irrelevant to their business, and 21% said they cannot afford it. Only 11% said their business is performing well without it.
ONLINE MARKET RESEARCH FOR THE WIN
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Online surveys are one of the most popular ways to gather data in market research today for good reason. Phone interviews and in-person focus groups are time-consuming and costly. Like many things, with the invention of the mobile phone, these other ways of conducting market research have become antiquated and outdated. With online surveys, panelists in different parts of the country and world can share their feedback on any product, service, or business, with quick turnaround time. Results of an online survey can be monitored and analyzed within a few hours of the completion. Additionally, traditionally hard-to-reach audiences can be targeted and reached promptly, due to the internet’s wide reach.
One company who values online market research? Apple—ever heard of them? Apple uses market research to find out exactly what their customers want from their devices, then take that information to create the product. Their “Apple Customer Pulse” is a great example of market research success. The Apple Customer Pulse research group uses online surveys in order to compile and analyze data faster. In today’s “go, go, go” atmosphere, few people have the time or desire to participate in off-site focus groups or tedious phone interviews. People like to be able to multitask, which online surveys allow them to do. The Apple Customer Pulse online surveys are easy to administer, and require little to no effort for the respondents to complete, making it appealing to both the consumer and business.
Conducting market research can provide your business with insightful information about your market, product, audience, competition, among other pertinent information. By having research to backup your decisions, you can optimize your decisions and minimize your risk.