• SHOP
  • SITES
  • NEWSLETTER
  • CEO HACKS
  • GLOBAL SEARCH
  • WEB SUPPORT
  • CONTACT
Rescue a CEO
  • Advice
    Common Mistakes Entrepreneurs Make When Growing a Business

    Common Mistakes Entrepreneurs Make When Growing a Business

    17 Entrepreneurs Explain How they Find, Recruit and Attract Talent

    17 Entrepreneurs Explain How they Find, Recruit and Attract Talent

    11 Entrepreneurs Share Their Best Delegation Tips

    11 Entrepreneurs Share Their Best Delegation Tips

    26 Entrepreneurs Explain How They Stop Burnout from Happening

    26 Entrepreneurs Explain How They Stop Burnout from Happening

    6 Entrepreneurs Share How They Handle Generation Z and Other Generations in the Workforce

    6 Entrepreneurs Share How They Handle Generation Z and Other Generations in the Workforce

    10 Entrepreneurs Reveal the Pivots or Changes They are Looking Forward to in 2024

    10 Entrepreneurs Reveal the Pivots or Changes They are Looking Forward to in 2024

    22 Entrepreneurs Reveal Their Plan for Innovation

    22 Entrepreneurs Reveal Their Plan for Innovation

    16 Entrepreneurs Share How Niche Communities Have Disrupted Entrepreneurship

    16 Entrepreneurs Share How Niche Communities Have Disrupted Entrepreneurship

    14 Entrepreneurs Reveal How They Incorporate Sustainability Into Their Business

    14 Entrepreneurs Reveal How They Incorporate Sustainability Into Their Business

  • Productivity
    Image with a clock and the title "Entrepreneurs Describe Their Morning Routine"

    19 Entrepreneurs Describe Their Morning Routine

    X Entrepreneurs Share How They Focus

    30 Entrepreneurs Share How They Focus

    Image with a clock and the title "Entrepreneurs Describe Their Morning Routine"

    20 Entrepreneurs Describe Their Morning Routine

    16 Entrepreneurs Share How They Focus

    16 Entrepreneurs Share How They Focus

    30 Entrepreneurs Explain the Best Ways to Get Out of One’s Comfort Zone

    30 Entrepreneurs Explain the Best Ways to Get Out of One’s Comfort Zone

    30 Entrepreneurs Explain the Best Ways to Encourage a Team to be Disruptive

    30 Entrepreneurs Explain the Best Ways to Encourage a Team to be Disruptive

    30 Entrepreneurs Share Their Thoughts on The Future Impact of Coworking

    30 Entrepreneurs Share Their Thoughts on The Future Impact of Coworking

    29 Entrepreneurs Explain Why They Have OR Don’t Have A Virtual Assistant

    29 Entrepreneurs Explain Why They Have OR Don’t Have A Virtual Assistant

    30 Entrepreneurs Explain How They Maintain Balance as CEOs

    30 Entrepreneurs Explain How They Maintain Balance as CEOs

  • Answers
    Entrepreneurs Explain Why They Bought Franchises

    5 Entrepreneurs Explain Why They Bought Franchises

    19 Entrepreneurs Explain How They Keep Track of Their Numbers

    19 Entrepreneurs Explain How They Keep Track of Their Numbers

    29 Entrepreneurs Share How The Workplace Has Changed

    29 Entrepreneurs Share How The Workplace Has Changed

    30 Entrepreneurs Share What They Had to Pivot and Shift Within Their Business During the Digital Migration

    11 Entrepreneurs Explain What They Had to Pivot During the Digital Migration

    26 Entrepreneurs Explain How They Stop Burnout from Happening

    26 Entrepreneurs Explain How They Stop Burnout from Happening

    7 Entrepreneurs Share Their Thoughts on Some of the Most Innovative Brands

    7 Entrepreneurs Share Their Thoughts on Some of the Most Innovative Brands

    3 Entrepreneurs and Business Owners Share Their Operations Plan

    3 Entrepreneurs and Business Owners Share Their Operations Plan

    30 Entrepreneurs Explain How They Use Their Blog for Business

    23 Entrepreneurs Explain How They Use Their Blog for Business

    17 Entrepreneurs Explain How They Keep Track of Their Numbers

    17 Entrepreneurs Explain How They Keep Track of Their Numbers

  • Marketing
    16 Entrepreneurs Explain How They Use Their Podcast for Business

    16 Entrepreneurs Explain How They Use Their Podcast for Business

    30 Entrepreneurs Explain How They Use Social Media for Their Business

    30 Entrepreneurs Explain How They Use Social Media for Their Business

    7 Entrepreneurs Explain How They Use Their Podcast for Business

    7 Entrepreneurs Explain How They Use Their Podcast for Business

    18 Entrepreneurs Explain How They Use Their Blog for Business

    18 Entrepreneurs Explain How They Use Their Blog for Business

    12 Entrepreneurs Share How They Use Social Media for Their Business

    12 Entrepreneurs Share How They Use Social Media for Their Business

    Entrepreneurs Explain How They Use Their Blog For Business

    10 Entrepreneurs Explain How They Use Their Blog for Business

    4 Entrepreneurs Explain How They Use Their Podcast for Business

    4 Entrepreneurs Explain How They Use Their Podcast for Business

    30 Entrepreneurs Explain How They Use Their Blog for Business

    23 Entrepreneurs Explain How They Use Their Blog for Business

    25 Entrepreneurs Share Their Thoughts on SEO and Its Future

    25 Entrepreneurs Share Their Thoughts on SEO and Its Future

  • Blog
  • MORE
    • START
    • FAQ
    • NEWSLETTER
    • HACKS
    • ABOUT
    • SITES
    • GUEST POSTS
    • WEBSITE SUPPORT SERVICES
  • Community
    • FREE CBNation Buzz Newsletter
    • Premium CEO Hack Buzz Newsletter
No Result
View All Result
Rescue a CEO
  • Advice
    Common Mistakes Entrepreneurs Make When Growing a Business

    Common Mistakes Entrepreneurs Make When Growing a Business

    17 Entrepreneurs Explain How they Find, Recruit and Attract Talent

    17 Entrepreneurs Explain How they Find, Recruit and Attract Talent

    11 Entrepreneurs Share Their Best Delegation Tips

    11 Entrepreneurs Share Their Best Delegation Tips

    26 Entrepreneurs Explain How They Stop Burnout from Happening

    26 Entrepreneurs Explain How They Stop Burnout from Happening

    6 Entrepreneurs Share How They Handle Generation Z and Other Generations in the Workforce

    6 Entrepreneurs Share How They Handle Generation Z and Other Generations in the Workforce

    10 Entrepreneurs Reveal the Pivots or Changes They are Looking Forward to in 2024

    10 Entrepreneurs Reveal the Pivots or Changes They are Looking Forward to in 2024

    22 Entrepreneurs Reveal Their Plan for Innovation

    22 Entrepreneurs Reveal Their Plan for Innovation

    16 Entrepreneurs Share How Niche Communities Have Disrupted Entrepreneurship

    16 Entrepreneurs Share How Niche Communities Have Disrupted Entrepreneurship

    14 Entrepreneurs Reveal How They Incorporate Sustainability Into Their Business

    14 Entrepreneurs Reveal How They Incorporate Sustainability Into Their Business

  • Productivity
    Image with a clock and the title "Entrepreneurs Describe Their Morning Routine"

    19 Entrepreneurs Describe Their Morning Routine

    X Entrepreneurs Share How They Focus

    30 Entrepreneurs Share How They Focus

    Image with a clock and the title "Entrepreneurs Describe Their Morning Routine"

    20 Entrepreneurs Describe Their Morning Routine

    16 Entrepreneurs Share How They Focus

    16 Entrepreneurs Share How They Focus

    30 Entrepreneurs Explain the Best Ways to Get Out of One’s Comfort Zone

    30 Entrepreneurs Explain the Best Ways to Get Out of One’s Comfort Zone

    30 Entrepreneurs Explain the Best Ways to Encourage a Team to be Disruptive

    30 Entrepreneurs Explain the Best Ways to Encourage a Team to be Disruptive

    30 Entrepreneurs Share Their Thoughts on The Future Impact of Coworking

    30 Entrepreneurs Share Their Thoughts on The Future Impact of Coworking

    29 Entrepreneurs Explain Why They Have OR Don’t Have A Virtual Assistant

    29 Entrepreneurs Explain Why They Have OR Don’t Have A Virtual Assistant

    30 Entrepreneurs Explain How They Maintain Balance as CEOs

    30 Entrepreneurs Explain How They Maintain Balance as CEOs

  • Answers
    Entrepreneurs Explain Why They Bought Franchises

    5 Entrepreneurs Explain Why They Bought Franchises

    19 Entrepreneurs Explain How They Keep Track of Their Numbers

    19 Entrepreneurs Explain How They Keep Track of Their Numbers

    29 Entrepreneurs Share How The Workplace Has Changed

    29 Entrepreneurs Share How The Workplace Has Changed

    30 Entrepreneurs Share What They Had to Pivot and Shift Within Their Business During the Digital Migration

    11 Entrepreneurs Explain What They Had to Pivot During the Digital Migration

    26 Entrepreneurs Explain How They Stop Burnout from Happening

    26 Entrepreneurs Explain How They Stop Burnout from Happening

    7 Entrepreneurs Share Their Thoughts on Some of the Most Innovative Brands

    7 Entrepreneurs Share Their Thoughts on Some of the Most Innovative Brands

    3 Entrepreneurs and Business Owners Share Their Operations Plan

    3 Entrepreneurs and Business Owners Share Their Operations Plan

    30 Entrepreneurs Explain How They Use Their Blog for Business

    23 Entrepreneurs Explain How They Use Their Blog for Business

    17 Entrepreneurs Explain How They Keep Track of Their Numbers

    17 Entrepreneurs Explain How They Keep Track of Their Numbers

  • Marketing
    16 Entrepreneurs Explain How They Use Their Podcast for Business

    16 Entrepreneurs Explain How They Use Their Podcast for Business

    30 Entrepreneurs Explain How They Use Social Media for Their Business

    30 Entrepreneurs Explain How They Use Social Media for Their Business

    7 Entrepreneurs Explain How They Use Their Podcast for Business

    7 Entrepreneurs Explain How They Use Their Podcast for Business

    18 Entrepreneurs Explain How They Use Their Blog for Business

    18 Entrepreneurs Explain How They Use Their Blog for Business

    12 Entrepreneurs Share How They Use Social Media for Their Business

    12 Entrepreneurs Share How They Use Social Media for Their Business

    Entrepreneurs Explain How They Use Their Blog For Business

    10 Entrepreneurs Explain How They Use Their Blog for Business

    4 Entrepreneurs Explain How They Use Their Podcast for Business

    4 Entrepreneurs Explain How They Use Their Podcast for Business

    30 Entrepreneurs Explain How They Use Their Blog for Business

    23 Entrepreneurs Explain How They Use Their Blog for Business

    25 Entrepreneurs Share Their Thoughts on SEO and Its Future

    25 Entrepreneurs Share Their Thoughts on SEO and Its Future

  • Blog
  • MORE
    • START
    • FAQ
    • NEWSLETTER
    • HACKS
    • ABOUT
    • SITES
    • GUEST POSTS
    • WEBSITE SUPPORT SERVICES
  • Community
    • FREE CBNation Buzz Newsletter
    • Premium CEO Hack Buzz Newsletter
No Result
View All Result
Rescue a CEO
No Result
View All Result

Why is Marketing Research Important To a Business?

in Advice
Reading Time: 6 mins read
Why is Marketing Research Important To a Business?

Photo by Marvin Meyer on Unsplash

Doing market research for your business is a process that a lot of business owners try to avoid. People want to come up with an idea and start selling a product. More often than not, a lot of people will pass over carrying out actual market research.

It is hard to get away with not doing proper market research, especially if you are a small business owner. This is because your business needs customers to grow. And if you do not make sales at the company, your business could experience an unavoidable closure. However, market research will help you determine where to find customers your business needs so much. 

RelatedPosts

Common Mistakes Entrepreneurs Make When Growing a Business

17 Entrepreneurs Explain How they Find, Recruit and Attract Talent

11 Entrepreneurs Share Their Best Delegation Tips

What Does Marketing Research Mean to Your Business? 

A lot of people skip doing marketing research intentionally. Others do it because they do not know its meaning or the benefits it offers to a business. So, what is marketing research?

Marketing research is an effort by businesses to learn more about their potential customers. It helps companies know what to do, how to do it, and when to do it. There are many people that mistake market research with carrying out surveys or studying a group of people. These strategies play a prominent role in marketing research, but there is more to be done.

To do marketing research, you need to talk to potential customers around you, especially if you run a local business. During this process, you identify the pain points and expectations of your customers. At the end of the process, you can comfortably sieve out helpful information that will help in the smooth running of your business.

You can also utilize social media channels to carry out market research. Facebook groups, for example, can be very instrumental in finding a social gathering of potential customers. When you have insights into what your potential customers need and want, you can create promotional strategies for your business. 

See also  What Makes Multi-Cloud Security a Major Cyber Challenge For Businesses

As mentioned before, surveys will help too. When you couple surveys with conversing with potential customers, then you have done effective marketing research. But to what end? Why do you have to talk to customers before starting your business?

Importance of Marketing Research to a Business

A company's marketing team is happy about market research results. | Photo Credit: Unsplash

Why should you do market research? How will it benefit your business? There are three primary ways that marketing research can help a business. Marketing research helps you identify customers' needs, study how they behave and understand what they want. 

Here are some of the important facts about doing market research:

  • Marketing research opens your business to potential opportunities.

After your marketing research, who your customers are, what they want, and how you can reach them become clear. Your business may or may not be able to cater to all their needs. If your business cannot cater to your customers' needs, you can look for partnership opportunities with other companies. This way, your business and the partnering business can make more profit while satisfying your customers. This is a win-win situation for everybody involved.

Also, a study of your business's potential customers will expose you to many things that they do. For instance, it can reveal other similar products that they buy and why. This can direct the efforts put into upgrading your services and increase the value you offer. Another thing about marketing research is that it helps you identify the location of your potential customers. So, when conducting business marketing campaigns and promotions, you can effectively target your customers and maximize profit.

  • Marketing research reduces the risks associated with starting a business.

According to a Bureau of Labor Statistics report, over 50% of businesses with employees close after five years. As a startup with the vision to grow big and become a household name, you need to learn to retain and make new customers. Your business can achieve this by conducting comprehensive market research. 

See also  Embracing Success by Kissing Annoyances Goodbye: Finding Opportunity in Everyday Concerns

It is not enough to conduct market research before you begin a business and then sit back after that. You need to do it again from time to time to see if anything has changed with your customers. Life is dynamic, and changes occur, so you want to ensure that your business still meets your customer's needs.

When do you need to do market research? When your business or startup is about to launch a new product or service. Market research is necessary to test whether the public will accept the idea. If you notice a drop in sales, you should conduct marketing research to see why customers are not coming back. It could be an error in your service delivery that needs to be fixed or a problem with the product or service itself. 

  • Marketing research allows you to create suitable marketing materials.

When you are marketing your business, appealing to your customer's needs is vital. Marketing research reveals potential customer's needs, making it easy for you to create marketing materials that will convert.

Also, marketing research will help you identify your customers with their demographic. This will help you speak to them in a way that resonates with them. 

  • Marketing research allows you to outsell your competitors.

Because you understand your customers better, you will be able to serve them better than your competitors. This is what marketing research can do for you.

Marketing research gives you access to your customer’s views on competitor products and services. You can assess the information gathered and use them to improve your business. With marketing research, you can also find and invest in a part of your business niche where no one is targeting. You can be the first to tap into that niche and make money. 

  • Marketing research allows you to set goals. 

When you know your customers and their problems, you can provide solutions and profit from this venture. This way, it becomes easy to set realistic goals and achieve these goals before your set deadline.

See also  3 Website Design Tips for Budding Entrepreneurs

Marketing research gives your business direction. You know where your business is headed, you know who you are serving and how best to go about it.

Conclusion

There are a lot of benefits that marketing research presents to your business. It allows your business to take calculated risks and make informed decisions. Market research provides you with a data analysis report, which guides your judgment when making plans. It saves you the stress of having to guess and face unending failures. 

You don't have to spend forever doing market research; begin by learning about your customers and competitors. Draw a plan and execute your plan. Do your market research again, draw better strategies, and repeat as needed.

 

About AbstractOps 

At AbstractOps specializes in helping new business CEOs manage their tasks. They also assist in carrying out new employee orientation. Need help? Send them an email at [email protected].

Tags: market researchmarketing research
Previous Post

25 Entrepreneurs Explain How They Increase the Likelihood of Success

Next Post

From Zero to Hero: How to Grow Your Business Website in no Time

Related Posts

Common Mistakes Entrepreneurs Make When Growing a Business
Advice

Common Mistakes Entrepreneurs Make When Growing a Business

Growing a business is challenging, and many entrepreneurs make the same common startup mistakes. Understanding these common mistakes and how...

17 Entrepreneurs Explain How they Find, Recruit and Attract Talent
Advice

17 Entrepreneurs Explain How they Find, Recruit and Attract Talent

Finding, recruiting, and attracting talent involves a multi-step approach that begins with identifying the specific skills and qualifications required for...

11 Entrepreneurs Share Their Best Delegation Tips
Advice

11 Entrepreneurs Share Their Best Delegation Tips

Delegation is an essential skill for effective leadership, allowing you to distribute tasks and responsibilities to team members and achieve...

26 Entrepreneurs Explain How They Stop Burnout from Happening
Advice

26 Entrepreneurs Explain How They Stop Burnout from Happening

Burnout can affect anyone, regardless of their profession or lifestyle. It's a state of emotional, physical, and mental exhaustion caused...

Next Post
From Zero to Hero: How to Grow Your Business Website in no Time

From Zero to Hero: How to Grow Your Business Website in no Time

Entrepreneurs Explain How They Use Their Blog For Business

24 Entrepreneurs Explain How They Use Their Blog for Business

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Join CBNation Buzz

Name(Required)
Email(Required)
This field is for validation purposes and should be left unchanged.

Welcome to CBNation Welcome to CBNation powered by Blue16 Media (Web Design & SEO). We are a B2B brand that is exists to help over 1M business owners succeed. Our philosophy and foundation is based on resources, visibility & connections (Visibility + Resources x Connections = Success). We are focused on being the #1 business resource for CEOs, entrepreneurs and business owners.

We hope you enjoy this site, and please let us know if we can be of any help!

Please note in the sake of transparency our sites do contain affiliate links that pay us a small commission at no extra cost to you. Read our Affiliate Disclaimer.
CBNation Library
CEO Hacks
I AM CEO Volume 3

RSS Our Latest CBNation Content:

  • IAM2461 – Navigating the Franchise Broker Journey: A-B Testing
  • IAM2460 – Founder and CEO Helps Companies Unlock Business Growth with Fractional CFO Services
  • IAM2459 – Social Media Influencer, Model and Author Provides Loc Maintenance Tips and Products
  • IAM2458 – Co-founder Builds Recruiting Agency to Match Clients’ with the Right Fit of Job Seekers
  • IAM2457 – Mastering People Management in Just 158 Days
  • IAM2456 – Unlocking the Secrets of the Dallas Cowboys

Our Sponsors

Subscribe

Join thousands of subscribers & be the first to get new freebies.

Name(Required)
Email(Required)
This field is for validation purposes and should be left unchanged.

What is CBNation?

We're like a Global Business Chamber but with content...
LOTS OF IT

CBNation includes a library of blogs, podcasts, videos and more helping CEOs, entrepreneurs and business owners level up

CBNation is a community of niche sites for CEOs, entrepreneurs and business owners through blogs, podcasts and video content. Started in much the same way as most small businesses, CBNation captures the essence of entrepreneurship by allowing entrepreneurs and business owners to have a voice.

CBNation curates content and provides news, information, events and even startup business tips for entrepreneurs, startups and business owners to succeed.

+ Mission: Increasing the success rate of CEOs, entrepreneurs and business owners.

+ Vision: The media of choice for CEOs, entrepreneurs and business owners.

+ Philosophy: We love CEOs, entrepreneurs and business owners and everything we do is driven by that. We highlight, capture and support entrepreneurship and start-ups through our niche blog sites.

Visit CBNation

RSS Our Latest Content:

  • IAM2461 – Navigating the Franchise Broker Journey: A-B Testing
  • IAM2460 – Founder and CEO Helps Companies Unlock Business Growth with Fractional CFO Services
  • IAM2459 – Social Media Influencer, Model and Author Provides Loc Maintenance Tips and Products
  • IAM2458 – Co-founder Builds Recruiting Agency to Match Clients’ with the Right Fit of Job Seekers
  • IAM2457 – Mastering People Management in Just 158 Days
  • IAM2456 – Unlocking the Secrets of the Dallas Cowboys
  • IAM2455 – Letting Go: Accelerating Your Franchise Success Story
  • IAM2454 – Unlocking Success in Your Brokerage Journey
  • The Role of Content Marketing in Driving Traffic and Building Trust
  • IAM2453 – CEO and Founder Builds an Investment Firm Specializing in Mortgage Note Investing

©2023 CBNation | Powered by CEO Blog Nation & Blue16 Media | Terms of Service | Privacy Policy | Affiliate Disclaimer | Website Support Services

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
SettingsAccept
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT
No Result
View All Result
  • Advice
  • Productivity
  • Answers
  • Marketing
  • Blog
  • MORE
    • START
    • FAQ
    • NEWSLETTER
    • HACKS
    • ABOUT
    • SITES
    • GUEST POSTS
    • WEBSITE SUPPORT SERVICES
  • Community
    • FREE CBNation Buzz Newsletter
    • Premium CEO Hack Buzz Newsletter
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
 Share This
 Facebook

Share on Mastodon