What is Market Research?
Market research, in simple terms, is the gathering of information about consumers’ needs and preferences through surveys, interviews, focus groups, product testing, etc. It’s essential to test the viability of a new service or product or keep up with market trends and maintain a competitive edge over competitors. Conducting market research helps to grow your business and to deliver excellent service to your clients.
Why is Market Research Necessary?
Companies need comprehensive and robust market research because it provides information on the target market and the business landscape that helps inform your service business strategy.
With market research, you can identify who your customers are, both new and existing ones, and determine why they purchase your products or services. It also gives insight into what the market wants in a product or service. Additionally, it provides a clear view of your business and how your competitors and customers perceive you. Other valuable information your business can gain includes:
- Economic shifts and market trends.
- New business opportunities.
- Customer insights.
- Even data regarding your competitors.
All this information is crucial in making informed decisions that will benefit your business exponentially. It helps in developing new and effective strategies for delivering the best possible service to your clientele. It also helps in identifying new areas to grow and solve challenges your company might be facing. Doing market research can also aid in uncovering your company’s Unique Selling Proposition for competitive advantage and even expand your offering.
Harness Insight & Analysis with Blumberg Advisory
Intrinsic to successfully identifying new areas to grow and industries to capitalize on is market research. Analyze and evaluate market size and forecasts, customer needs and requirements, and customer satisfaction levels. Blumberg can provide the assessments you require, from mail and telephone surveys to in-depth interviews and focus groups, as well as competitive analysis.
In a recent market research poll conducted by our company, approximately 75% of the firms surveyed indicate that a top strategic objective is to increase service revenues by either penetrating a larger share of the market they currently serve or expanding into new market segments. This is where Blumberg’s Strategic Market Audit (SMA) Program comes into play.
The SMA is a comprehensive consulting program meant to uncover opportunities for new and profitable revenue growth. It is a program driven by research and fact-based methodologies and aims to provide objective and unbiased insights at a rapid and cost-effective approach.
Work with Blumberg Advisory Group today to unlock profitable revenue streams and reach new potentials with your service business.
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