{"id":20883,"date":"2022-06-28T10:58:23","date_gmt":"2022-06-28T10:58:23","guid":{"rendered":"https:\/\/www.openbusinesscouncil.org\/?p=20883"},"modified":"2022-06-28T10:58:23","modified_gmt":"2022-06-28T10:58:23","slug":"the-importance-of-market-research-in-business-growth","status":"publish","type":"post","link":"https:\/\/www.footballthink.com\/the-importance-of-market-research-in-business-growth\/","title":{"rendered":"The Importance of Market Research in Business Growth"},"content":{"rendered":"
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When you first think of a business idea, it can be easy to dismiss the relevance of market research. Notably, market research is the backbone of every successful business. This approach helps you gather critical information about your market and business landscape. Here are the advantages your company will get for relying on market research.\u00a0<\/strong><\/p>\n Note that your customers are the most significant part of your business. To identify new clients in the market, you first need to understand who they are. You need to determine their gender, age, marital status, occupation, and lifestyle. When you know more about your target audience, you\u2019ll know who to market your services or products to. Note that marketing to the wrong audience will affect your business sales.<\/p>\n As you strive to attract new customers, you also need to keep those you already have. Market research will help you form a deep connection with them. Understand that clients\u2019 needs change over time. Thus, what they might not have needed before might not be essential for them now. For your business growth, you need to check on your customers.<\/p>\n This helps you know whether they have other needs and if the company can please them. Also, you\u2019ll know what your customers think about your business and your products. This helps you understand your clients\u2019 satisfaction levels. If they are low, you\u2019ll need to find a strategy to fix them. If their satisfaction levels are high, you\u2019ll ensure to stick to your plan.<\/p>\nIdentify Potential Customers<\/strong><\/h2>\n
Help Understand Existing Clients<\/strong><\/h2>\n
Help Identify Business Opportunities<\/strong><\/h2>\n