NetBase Quid is a consumer and market intelligence platform that helps many businesses grow by providing real-time, quick, and dependable social media analytics. The company has invested in the latest state-of-the-art technology, Language Processing (NLP), capable of comprehending and grouping difficult languages to enable many businesses to make the right decisions based on accurate data. The company has continued to grow by about 300% each year and has customers from large corporations in consulting, healthcare, finance, consumer goods, and manufacturing industries.
What is a Market Research?
It is the process of determining the feasibility of a new service or product through in-depth research conducted directly with targeted consumers.
Many businesses have suffered from the effects of the coronavirus pandemic, which continues to hit many nations. With changes in service delivery and new trends, your business must evolve with the changing times. Many consumers are getting services virtually, and many industry leaders depend on research to keep their products afloat in the competitive market.
What can market research do to your business?
According to NetBase Quid’s officials, the following are some of the major reasons to conduct a market survey.
Spot business opportunities
Aftermarket research, you will quickly know who your target clients are and the marketing channel you will use to reach them, and what product or service interests them. After defining this, you will be better placed to spot business opportunities such as forming a partnership with other businesses for joint promotions that will benefit both companies. Likewise, being informed on any other product or service that your customers tend to use can help you develop product bundles or add-ons that increase every order’s value. Also, you can easily find new geographical positions where most of the target consumers stay. Armed with that information, you can create a campaign drive that suits the demands of that area.
Lower Business Risks
Recent surveys show that most businesses with staff collapse after the fifth year. A market survey helps you to monitor and ensure you have steady sales and clients. It should be conducted regularly to ensure you are meeting your current and potential customers’ demands. This can be done by testing new products and services before officially launching them. Your business is grown by recurring clients; if you do not make repeated sales, opinion research will help you know why. Sometimes, products or sales can decline, but market research will help you see the reason for the decline if it exceeds three consecutive months.
Design relevant business materials
Through a poll, you can be able to create flyers, brochures, and product labels based on whether your customers view your product as a necessity or a luxury. Also, the age differences among your clients will help you decide which language to use.
Know where to advertise
Many business start-ups have limited budgets. Market research can help you reduce the budget by pointing the right avenue to address your customers. For example, if most of your clients use Facebook than Instagram, you can buy ads on the most preferred social site. You can also put flyers and posters on the places where your customers frequent.
Simplifying Decision Making
Seasoned business people will often be in a dilemma while making tough business decisions. In a market survey report, you will be able to make decisions such as: how and where to spend marketing budget, if there is a ready market for a product you are making, if it’s feasible to open a new branch in another location, which products or services to discontinue or upgrade, and how to price your products correctly.