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Market research often provides information as an input to strategic decisions, so the link between cost and returns is not always obvious. However, market research does have significant business benefits in the short and medium term, as well as the longer term, by providing answers to market challenges.
The principles of marketing are based on having a good understanding of your customers. This knowledge can be developed internally, using information fed back by the sales force, customer services and distributors. However, there often comes a point where external input is required, to bring expertise and objectivity, and for the structured collection of information from large numbers of the target market. Research can also help motivate staff, assist in the development of good customer relations, and protect on-going revenue. Here are just some examples of how research can help address problem areas:
| Problem/issue | Research approach | Business benefit |
| Need to maintain market leadership | Customer satisfaction research and benchmarking against competitors, market share measurement |
Avoid
complacency by monitoring market and competitor position, strategies can be adapted to maintain leadership |
| Falling market share | Customer satisfaction
and benchmarking against competitors |
Identification
and quantification of problem areas allowing action to be taken and sales decline halted |
| Considering
entry to new market |
Profile of new sector, including key players, their shares, market size, trends, opportunities |
Development
of informed market strategies, increased chance of success |
| New
product development |
Focus groups
for reaction to concepts and features |
Launch new
product which meets consumer needs |
| Concerns
about brand image |
Brand awareness
|
Identification
of any mismatch between perceptions and desired brand image, assistance in design of advertising and promotional campaigns |
