5 Reasons you should be measuring your market in 2021

Market research can be the defining factor that sets you apart form your competitors. Having an open communication with your customers is the best way to identify any problems, risks, or challenges. As well as areas for investment and new product solutions. The opportunities are endless!

Here are our top 5 Reasons you should be measuring your market in 2021.

1) Customer feedback is key

Whether you are just starting-up, launching a new product or service, or continuing business as usual, customer feedback is key. Creating a benchmark quantitative study for your business can provide you key insights into who your customers are and how they are using your product or service. Over time you can then monitor any changes. This may include brand awareness, demographic changes in your customer base, customer service feedback and more – the possibilities are endless! Qualitative research can also provide you with more in-depth knowledge about your customer’s behaviours, values and reasons for purchase. Use these insights to create more strategic marketing plans or new avenues for business. The more research you do, the better the understanding of your customer base. It’s never too late to start.

2) Changes in market behaviour since COVID-19

There is no doubt that COVID-19 has had a huge impact on many businesses this past year. So it is extremely important that companies are measuring their performance on key factors that may make or break them in the short, medium and long term. For example, since the virus outbreak there has been a huge shift towards online purchasing and digital presence. Market research will show how your business measures up. Are you servicing the changing needs of your customer? Where are your customers falling off the purchase funnel? How will you maintain and grow momentum over the next year as businesses confront the ‘new normal’?

3) Build solutions with your community for your community

You may have an issue in your business that you have already identified. Or perhaps you want to make some changes or expand into a new area. Why not get your loyal customers to help you come up with a solution! Your customers are your community. They understand your product/service like no one else and can give you some golden insights into how you might best create a solution that is tailored to their needs. In a forum or focus group setting you can get your consumers to tell you what their values and ideas are in developing a better brand. Not only will you achieve a great outcome, but you will create a more engaged customer base that become brand advocates!

4) Finding new areas to grow and invest

Market research can provide you with the data to better understand your customers and any potential gap in your offering. Could you target a new demographic more effectively? Or perhaps you need to develop a new product or service to serve particular customers better. Market research is the best chance you have at identifying these opportunities. It will also enable you to create a targeted approach within your busienss that is evidence based.

5) Set realistic targets

While it’s all well and good to set goals within your organisation, these goals need to be attainable. Don’t waste time chasing targets that are out of your reach. Market research can help you to determine how each area of your business is performing, and why they are doing well (or not so well). Without realistic goals you may end up with your team being continuously disheartened and demotivated. Data and insights hold the key to developing a targeted strategy of how you will reach goals and when.