The Business Andrew Blackman Sep . DecisionMaking Becomes Simple The need for and importance of marketing research frequently comes up when making tough business decisions. Instead of having arbitrary criteria for the decisions you make as a business owner you can always go back to your market research report. Based on that report will this decision lead to more customers Will you be able to reach more people who are likely to buy from you Will it be clear to them that your business can meet their needs While not all decisions should be solved by market research many of them can be such as where to spend your advertising or marketing budget whether theres a demand for a new product you want to make if you should open.

A storefront in a new location which Laos Email List products to discontiue and which ones to merely improve how to price all your offers Theres a real need for market research because it provides you with solid facts.  make more informed decisions rather than resting the fate of your business on guesswork. More Resources to Help You Start Your Marketing Research Now that you see the importance of marketing research its time to get started on the process. Dont be intimidated by the task ahead. Instead start by gathering data only on these two things your target customer and your competitors.



You dont need to get all the information right away. After all your target customers sentiments might change over time. Also as a business owner you cant spend all your time on research and forget about execution. To make sure youve got a focused start you can follow this stepbystep tutorial How to Do Market Research Right for Your Small Business Celine CX Roque Apr If you need to present your market research report to other people such as a business partner an investor or.