Blog and Ideas
June 3, 2019
By Bárbara Altamirano

Market Research: Why Your Company Needs to do Research?

Timely and proper market research can save your business from commercial suicide.

Market Research: Why Your Company Needs to do Research?

Only in the last few years has the area of ​​Marketing in companies become relevant. This is because gradually, its importance within the organization has been understood. This is the area that tells the entrepreneur what path to take, how the market is to be addressed and generally provides a view of the customers or consumers.

The process of market research is developed within marketing, through which information focused in decision making is identified, collected, analyzed and disseminated. It is worth mentioning that the support of an expert who is involved in the entire market research process is needed in order to transform the results of this study into communication strategies. Additionally, he or she should advise the company regarding the appropriate time to carry out a market investigation.

In my opinion, one of the main benefits of market research is to know the client: his tastes, concerns and what he needs. With the results of these studies, you can know what to offer, how to approach the target client, if it is necessary to change strategies and even if it is propitious to launch a new product or open new branches.

For entrepreneurs who start a business, an analysis of this nature helps them know what situation the market they want to enter is in or if it’s necessary to relocate to another market.

A primordial analysis that takes place in companies, prelude to the market research process, is the SWOT analysis: Strengths, Opportunities, Weaknesses and Threats. However, it is important that this type of analysis is deepened and that it does not culminate in a mere protocol.

A company that works without a market study is a company that operates practically blindly and that can translate into commercial suicide. How to know if we are offering services to those who do need them, if our product provides what the competition does not offer, if it is not very expensive, if the taste is pleasant, etc.? Long story short, the market study represents an absolute guide for any movement that the company wants to carry out.

In addition, the need for a study of this nature becomes vital, given that currently markets are constantly changing. Industries, products, trends, tastes of customers are all constantly changing. A market study can help the company to go one step beyond its competitors and place itself within the consumer’s  preference.

Another benefit that market research provides is that it represents the opportunity to develop strategies to strengthen the business. Some of the advantages of meeting the needs or that gap that a target customer might have, is that it helps to develop strategies to create products that fill that gap; it helps to build suitable communication channels so that the client feels attracted by the product that is offered.

It is vitally important that companies open their doors to market research; that they become aware of the uses of this tool that will undoubtedly provide them with information to deal with any problem that may arise and, best of all, to prevent such problems.

I have the expectation that this tool will be increasingly known among companies. Fortunately, there are experts in the area and there are also companies focused on that purpose that offer their services. Therefore, there are already fewer inconveniences to find specialists in the field and thus, help companies to be more competitive.

At Mijo! Brands, leading creative agency in digital marketing, located in Mexico City, Guadalajara and Puerto Vallarta, we understand the importance of guiding your business towards the best decision. With our team of professionals in different areas, Mijo! Brands will make your brand grow exponentially.

Bárbara is the Community Manager at Mijo! Brands, the leading creative agency in digital marketing with offices in Mexico City, Guadalajara and Puerto Vallarta. Barbara studied Communication and Media at the Technological University of Mexico (Universidad Tecnológica de México). She has empathy only comparable to her devotion for grammar. She is a faithful believer that travel can illuminate, that is why she never misses an opportunity to travel whether in real life or through books.

 

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