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What Market Research Can Do For Your SME [Infographic]

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Market Research for Small and Medium Enterprises

Business Enterprise

Market research is vital for the survival and growth of your business. It allows you to reduce business risks and improve the competitive nature of your business. There are many different types of market research - it is vital for your marketing strategy, whether you’re starting a new business or expanding your existing enterprise. Far too many businesses embark on projects or ventures without proper market research. All too often, businesses fail as the result of a lack of or poor market research.

Market research gives us a better understanding of the needs and wants of the consumer – which products and services are in demand and which are not. Successful entrepreneurs minimise risks as opposed to taking risks and market research is the primary tool that enables you to reduce risks. Market research is the foundation of marketing. As a result, all elements of marketing and business decisions should be supported with some level of research.

For most successful businesses, marketing decisions are less risky when the marketer can select from more than one option. Market research does not always need to be elaborate to be effective. Whether you carry out the research yourself or hire a professional to carry out the process, research can increase the effectiveness of any of your future endeavours without breaking the bank.

Surveygoo has created this infographic that gives you all the in facts on you need market research to help you and your SME.

What Market Research Can Do For Your SME [Infographic]

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In 2015, Market Research is a key tool for small to medium enterprises. It may seem like a time consuming process but what it brings to your business is invaluable. Let's take a look at all the benefits of market research and why you need to use it...

Why Use Market Research?

Use Market Research When You Are...

How Will It Help My SME?

If you are touching new product/service it will help identify:

Questions You Will Answer with Market Research

  1. Who are my customers?
  2. What do they buy now?
  3. Why do they buy?
  4. What will make them buy from me?

How Market Research Can Help Your Business Grow

Getting It Right From The Beginning

Beating the Competition

Knowing Your Consumer

For which activities do you rely on market research for the most?

Results from Market Research Help

You Have Data! Can I Do It Myself?

  1. Data collection is the main cost of market research.
  2. Simple analysis is often overlooked.
  3. Complex analysis requires a specialist for
  4. Professionals know how to select the right audience.
  5. Experts are neutral third parties they give you a true gauge of what people really think about your business.

Do you feel that the disciplines and marketing research are merging?

What the Experts Say

"Research is like motorway lights, it can't tell you where to go, but it can reduce the risk in how you get there." - David Newberry, author and founder of Market-In360.

"Marketing without data is like driving with your eyes closed." - Dan Zarrella, awared-winning social media scientist and author.

"Advertising people who ignore research are as dangerous as generals who ignore decodes of enemy signals." - David Ogilvy, advertising executive popularly known as the "Father of Advertising".

"The aim of marketing is to know and understand the customer so well, the product or service sells itself." - Peter Drucker, management nad consultant guru.

*please note that these experts are in no way affiliated with Surveygoo.


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