Why Market Research Matters
- July 31, 2017
- Posted by: RKonnect
- Category: Business & Economy
In an era where markets are volatile and media landscape is overwhelmed with data, Market Research is considered to be highly critical for the long-term success of any business. Though some organizations conduct internal research, they tend to lose sight of the consumer market research that is required for the growth of the business. Therefore, a market research company can support organizations by collecting meaningful data, such as understanding consumers needs and market dynamics. Five major reasons why market research is considered to be of top priority for businesses.
1. Prioritizing Consumers as a core to Business
Businesses are greatly influenced by the agendas, brand priorities and internal politics. It is necessary to understand that customers are much more important and they must be placed before anyone else. Market research provides an opportunity to understand the expectations and demands of the customers. It also helps in continuously monitoring our progress in meeting these demands.
2. Focusing on Consumer Needs
Businesses today have a tough job multitasking, often playing many roles within their organisation. With the help of a market research exercise, organisations can identify what is most important to their customers and also help in prioritizing and maximizing time and efforts effectively.
3. Identifying lucrative Growth Opportunities
Organisations that conduct market research often tend to identify opportunities and prioritize them based on the highest revenue potential. It provides a clear path for the business to grow.
4. Keeping up with Current and Future Trends
Organisations that conduct market research have advantage over competition, as they are able to better adapt to current market conditions and changing consumer trends. The insights on consumers can be obtained by regularly conducting market research, also helping organisations to devise and/or modify short and long-term business strategies.
5. Minimizing Risks
Market research provides insights on several dimensions such as market (growth & trends), products / services, consumers and competition. Market research also allows organizations to understand potential opportunities and risks.
By imparting right knowledge and suggesting practical solutions, market research companies can enable business not just to accelerate their growth but also mitigate potential business risks. Therefore, it becomes essential for businesses (new and existing) to conduct in-depth market research and use information / insights to make key business decisions.
DUBAI – THE LAND OF OPPORTUNITY
Strategically located on the crossroads of Middle East (ME) and Asia, Dubai is touted amongst the most sought after global destinations of trade and commerce. MNCs, SMEs and Startups prefer to make Market Research in Dubai as its focal point and tap into local and regional markets. The state of the art infrastructure coupled with business-friendly governance and cosmopolitan cultural appeal further incentivize businesses to set their base in Dubai, UAE.
BENEFITS OF MARKET RESEARCH IN DUBAI
Dubai is a unique market in itself and there are myriad of socio-economic, business and competitive forces that keep on unfolding in the background. It is the interplay of these forces that play an influential role on the growth trajectory of business ventures. Partnering with a right market research company will help businesses to understand their overall impact and based on that, take the right decision.