Fairfax, Virginia (webnewswire) March 20, 2020 – A Fairfax business strategy consultant at The Eastham Group, recently created a blog post which answers the question, what is the purpose of market research? As businesses are always trying to improve and innovate, market research can be a helpful guide to understanding where they can most efficiently and effectively direct their efforts.
The blog begins by describing how market research can help businesses determine who their competitors are and exploring the space of their industry. Market research analyzes the areas in which the competing companies are operating and how a business can do better or worse. This allows businesses to capitalize on their strengths and avoid competitors’ weaknesses. It also helps businesses build off of what makes them unique.
Market research also investigates what opportunities exist that have not been taken advantage yet of either the business conducting research or any of its competitors. The blog identifies five main questions that market research seeks to answer. Has this been done before? Can this be done better? What problems are not being solved? How big is the demand for a solution? Is there an untapped market of customers for whom we could make a solution?
The blog also points out that businesses looking to innovate should be sure that their next innovation has an existing demand. This avoids spending money on improvements that will turn out to have no return on the investment, as well as avoiding the opportunity cost incurred when the business could be directing resources elsewhere. Market research, the blog continues, seeks to meet customers’ needs. One of the main purposes of market research is to determine sufficient demand that businesses can then act on. Businesses that conduct market research can spot trends as they are developing and taking off, giving themselves a chance to seize a competitive advantage before any of their industry peers.
One huge benefit offered to businesses through market research is direct feedback from their customers. Customer feedback can be an integral part of improving products and processes, using resources to better ones that work and saving resources where there is not much enthusiastic feedback. The Eastham Group offers market research capabilities to businesses and can help them gain the competitive advantage inside their industry as well as improve their own internal processes. Businesses which invest in smart ways to innovate can expect to find themselves ahead of their competitors and their own previous performances. Contact The Eastham Group today at (571) 200-1865 or by visiting https://theeasthamgroup.com.