Yeah, Market Research Still Matters...
Tuesday, November 03, 2015
Successful businesses have expansive knowledge about their
competitors and customers. Market research is the process of gathering market
data about the current and potential customers to enable you react to the
potential or current products or services. Many small businesses carry out
market research without even knowing they are doing so. For instance, when a
small business owner inquires from customers about how they feel about the
services offered, or a business owner checks competitor product prices, then
he/she is conducting market research.
The main aim of market research is to prepare for the
marketing research report. Marketing research report includes a summary of the
important data and analysis of the data for decision making in the business.
Market research has been enhanced with the advent of the internet which makes
it possible to reach the target market quickly and with ease and still gain
important consumer knowledge to drive business forward.
The main questions property decision makers would want to
ask themselves is - is there a useful way to conduct market research for a
property business to make informed decisions about the way forward? And why is
market research important? These questions can be answered by understanding how
effective and efficient market research can be to help business find the
opportunities and strengths, and where to eliminate opportunities to help the
business expand.
Let’s start with why
is market research important? Market research defines a clear
direction for a company. When market research is done effectively and market
research report is prepared well, businesses have a clear view of the customer
needs and a clear path which the company need to take to achieve the needs of
the prospective customers. Unfortunately, many small businesses may not be in a
position spend the thousands of dollars to hire the most reputable market
research firms. In this regard, many of them prefer to ignore taking market research
into consideration or use approaches which may not lead to useful information.
The importance of market research include helping to
understand the market, which may include the target age bracket, target gender
and other demographics. Market research is critical to understand the
competition, know the right product customers need and building connections.
Big Data has been a game charger as far as market research
is concerned. Market researchers are faced with large amounts of data to
analyze and monitor both online and offline to understand the customer needs.
In this regard, Big Data is continually being used by researchers as a
compliment to market research to know what consumers need and monitor changes
in tastes and preferences. The five insights gained include - creating a more
accurate profile of the target customers, to monitor and analyze the consumer
reaction to product offerings and marketing messages, develop strategies for
retaining customers in a more effective and efficient way, plan marketing campaigns and digital marketing
to the target groups and monitor changes in tastes and preferences.
Queensland property market is currently a BOOM market thanks
to Queensland’s economy which has started to improve. For instance, the latest
RP Data CoreLogic Home Value Index for Brisbane show an increase of 0.7% for
September 2014, 0.6% increase over the last quarter of 2014 and 6.4% year-to-year
increase. Small businesses investing in Queensland property market should use
these kinds of market data and outsource market research from property research
companies to achieve real value of their investment.
This post comes from Sarah, an inspirational writer. She is
part of crews at Real
Estate Academy Australia (a specialized training center for the real
estate industry), working with entrepreneurs and small business owner to grow
their careers and achieve results that raise the standards of professionalism
and respect in the Real Estate industry.
Marketing Blog founder and top-selling author Michael Fleischner has been featured on The TODAY Show, ABC World News, and Bloomerg Radio. 
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