Why Market Research Matters

Why Market Research Matters

COVID-19 has impacted almost all the sectors and has made the market highly volatile and uncertain. The unpredictable conditions have further increased the need for conducting market research to be highly critical for the long-term success of any business. Organisations that fail to conduct market research tend to drown. Though some organizations conduct internal research, they tend to lose sight of the consumer market research that is required for the growth of their business.

There are several reasons why market research is considered to be of top priority for businesses in the post Covid-19 scenario.

Changing Needs of the Consumers

The consumers needs are changing at a rapid pace and are adapting themselves to the post pandemic market. Organizations are required to understand the changing social / economic dynamics and incorporate significant changes in their products / services to retain their customers and stay in business.

Market research can help the organizations identify the changing dynamics and provide strategies that will help prioritize consumer needs.

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.

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.

Identifying lucrative Growth Opportunities

Organizations that specialize in conducting market research often tend to identify opportunities and prioritize them based on the highest revenue potential. It provides clear insights on strategies and plans that should be adapted and are well suited for business growth.

Keeping up with Current and Future Trends

Organisations that conduct market research have an advantage over their 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.

Minimizing Risks

Market research provides insights on several dimensions such as market (growth & trends), products / services, consumers and competition. The market research also allows organizations to understand potential opportunities and risks and take actions subsequently to minimize and mitigate risks.

Research Konnection specializes in Consumer Research & Market Feasibility Studies. It is one of the leading Market Research Companies in Dubai. Feel free to reach out to us on hello@researchkonnection.com for research enquiries.

Author: Waqas Siddiqui
As a research consultant, I am passionate about supporting businesses in successfully expanding in the UAE and Gulf region. I can be reached at waqas@researchkonnection.com for research inquiries.