Most business owners have heard of market research, but they may not realize exactly when and why it should concern them. Whether you are preparing to launch a company or you have been in the business a while and are thinking about expanding, market research can help ensure that your business is sustainable and poised for success. In today’s blog, we’ll discuss 3 phases in the lifecycle of your company in which market research can help you make better business decisions.
If you’ve ever wondered “when is market research needed?” then this blog is for you!
Starting a business
Though you may think that your idea for a new product or service may be cutting edge or a game changer, consumers may not feel the same way. Before sinking all of your resources into a business idea, it’s wise to test your idea on real consumers who have no connection to your company so you can receive unbiased opinions on your product or service. If the response is positive, then you’ll have the confidence to launch your business with helpful insight from real people backing you up. If the feedback is constructive, you’ll be able to tweak or rethink your company before it becomes much more difficult to do so later on.
Launching a new product or service
If you’re thinking about expanding your product line or providing a new service outside of the scope of your current offerings, market research can help you refine and enhance your ideas while also ensuring that the market is ready. Focus groups are a great way to understand the underlying thoughts, opinions, and motivations of the audience you are trying to reach with your new product or service.
Launching/redesigning your website
Because consumers do so much shopping and brand research online, it’s crucial that your online presence is well-received. If you have a website that doesn’t offer answers to viewer’s questions or is difficult to navigate, you could lose out on valuable business opportunities. That’s why it’s a good idea to test your website out on real consumers before it goes live. Your website should make it easy for consumers to understand what exactly you do, and there is no better way to gauge its efficiency in doing so than by asking consumers how to make it most effective for them.
About Observation Baltimore:
At Observation Baltimore, we understand that the success of your research is directly tied to the quality of your participants. Recognized as one of the top Maryland market research facilities and rated “One of the World’s Best” by Impulse Survey, we believe that Experienced Recruiting Makes the Difference. Our experienced recruiting is the foundation of our mission, as well as courteous and proactive hospitality and client services. Just six minutes from BWI airport and AMTRAK, our Baltimore research facility has a great location. Most importantly, we understand market research!