In this digital age, the economy is becoming more and more competitive.
Having the right knowledge about the preferences of your customers is now essential for any enterprise.
Market research is ‘’the practice of gathering valuable information to help you find out if there is a market for your proposed product or service.’’
The information gathered from market research helps bourgeoning entrepreneurs make wise and profitable business decisions.
The best way to increase customer satisfaction is with market research. Market research helps you to understand the factors that affect your business and it elevates your performance.
There are challenges to market research in this digital age, customers are now expecting insights far too quickly. Computer-delivered surveys and data collection methodologies are on the way out.
In their place are mobile, dynamic methods for data collection that gather real-time, in-situ information.
The future looks bright for market research. Digital trends predict the increase in popularity of DIY market research will democratise the sector. It is also predicted that social listening analytics will be a must-have for every marketing and market research manager.
This infographic, created by Surveygoo, gives you all you need to know about market research.