We sincerely hope that you must have realized by now that almost everything is data-driven today. Be it product positioning, new launch or the new gimmicky sales offer to lure the customers…if you are aiming at making just the right decision, data comes handy to you. Even a dipstick research gives you a fair understanding of the past trends, consumer psychology and local traits. And if at all you are planning something big, then going further without a comprehensively planned market research is simply not advisable.
So what are the startling benefits of research?
- You always have better knowledge of customer insights.
- You get the competitive edge of factual information about current market dynamics.
- You have the behavioural statistics of consumers and market expectations readily available.
- Based on the past trends, you could position your product well.
- You could be choosy in making a proper media mix and thus lower the marketing spends.
- Market research helps you build your communication and make it precisely effective.
- With a tool like market research you are in a better position to identify future opportunities.
- A proper forecast of proceedings helps you minimize risks.
- Colossal calamities like forthcoming recession or economic slowdown can be addressed well.
- You stay connected with the undercurrents flowing at the grassroots level of the market.
So what is the right time of conducting a research?
It is an ongoing process. And that’s why big multinational & national brands assign research the role it deserves to play consistently and just keep on doing it. We advise you to follow suit. We never know when we come across a situation in which market need is felt and the ideal time to launch your next product is just round the corner!