Supposing is good, but finding out is better!
"Businesses keep Market Research as their last resort", says Sukriti Sachdev, a Cross Border Business Evangelist at Ekaga Futuristics.
Often we come across organisations who think doing research is not needed and is an added expense. So when something goes off the radar, then only research activity comes in picture.
Market research plays an important role in any business story. But, thats also true that team's focus on sales and production doesn't let it win. According to wikipedia, " Market research is an organized effort to gather information about target markets and customers: know about them, starting with who they are. It is a very important component of business strategy and a major factor in maintaining competitiveness."
Top 5 reasons how Market Research helps you grow
Timely identification of business risks will ultimately be seen as a profit
Understanding your competition will help you reach the untapped areas to generate revenue
Market research will help you pivot at the time while spotting an emerging trend early on
Advance planning of the promotional content saves on shedding extra and keeps you ahead of the competitor
It helps you tailor your concepts to meet business needs of customers/clients
Be it identifying key metrics of the industry or be it understanding your competitor in depth, market research is considered to be an important segment in organisation's growth journey. Having said that, keep MARKET RESEARCH activity as one of the topmost priority because ultimately thats what will make you beat the odds in the industry.
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If you’re interested to find out more about the market research methodologies, we will be delighted to have a dialogue. Write to us on email@example.com or visit www.ekaga.com to submit your query.