From marketing to manufacturing, the cost of everything is rising, so how do you know when it’s the right time to invest more in market research?
With such high costs in other areas, some organizations balk at additional spending on market research for their business. But it is precisely because of these increased costs that market research provides such value. The cost of investing in a misguided new direction or poorly executed initiative can be very steep. A relatively small investment in relevant research questions can pay for itself many times over.
Still not sure if you should invest more in market research?
LEARN ABOUT: Market research vs marketing research
The four most critical reasons why you have to invest in market research
Here are four signs that you should invest in market research.
You are launching a new product or service.
Launching a new product or service is one of the most straightforward reasons to take advantage of market research. Concept testing, feasibility studies, and market segment analyses can all be done before committing serious resources to a new product or service. Tools also exist to discover optimum price points and bundling of services. These insights can help fine-tune or radically re-orient an idea before it enters the market and helps position it for greater success.
LEARN ABOUT: Market Evaluation
You have unsatisfied customers and high turnover.
Without proper study, teams know when customer satisfaction drops and turnover increases. But how do you measure it? And more importantly, how do you understand what is driving it? When you can discern changes in your customers, it may be too late to address them or pivot to a new strategy. Client satisfaction surveys and online communities are invaluable tools for engaging with your customers and understanding their experiences.
You’ve hit a performance plateau.
High-performing companies begin with high-performing employees. Companies with highly engaged employees can experience a 21% profit increase. Employee engagement surveys are excellent tools to understand better what motivates your strongest performers and what is getting in the way of poor performers. Increasing employee engagement and satisfaction is an often-overlooked strategy to improve the bottom line.
You’ve hit a growth plateau.
Identifying new and untapped opportunities can also help your company break out of a rut. Planned periodic investments in market research industry can help uncover unreached segments, potential partnerships, and new markets. Exploring new spaces and reaching new prospects can lead to renewed growth rather than continued efforts in a saturated or highly competitive environment.
Learn more about how research services can help you
Research has a decisive role in every organization, whether testing new concepts, reviewing marketing efforts, or evaluating customer satisfaction. The key is effectively integrating research into workstreams at the right time and place. Market research takes time and resources to complete, but the costs of a strategy that lacks adequate research can be disastrous.
QuestionPro can partner with your organization to provide the data and insights you need to grow your business. We provide consultative research services to define your goals and leverage the power of our industry-leading platform and QuestionPro audience panel to deliver meaningful results.