Ever so often, especially if you are a sole trader, you should know what is going on in your market.
There are many benefits to market research:
1.It identifies threats. If you knew bad is coming you can prepare for it
2.Identifies opportunities. If you knew there was an opportunity to make more earnings in your business you would take that opportunity
3.Helps the focus to be on the customer. A big issue locally is that of Customer Service. Yes, persons may buy but what do they think about your business. If a company ignores what customers think, the day the customers cannot buy anymore, loyalty goes out the door and a cheaper alternative is sought. Research helps you remember the source of your income
4.You can forecast future profitability with increased accuracy. Accounting must come with realistic assumptions. Market research provides this.
With all these points in mind, one can conclude that market research is more than a help for business, it is an essential process.
Keywords: strategy, brand, market research, customer, consumer research, business plan, customer service.