Why is market research integral to businesses?
Organizations across the world consider data that pertains to the market, its trends and changing consumer behaviour as a key factor in decision-making. Due to the dynamic nature of the market, a comprehensive market research report with up to date information is vital for the organization to understand the feasibility of a product or a service and make informed decisions. A market research report contains the analysis of data gathered in line with a research question and goals of the research using appropriate research methodology.
According to a survey conducted by Orient Planet Research, there is an increasing need for feasibility studies and market research in the GCC, due to the dynamic nature of the economy and the opportunities for investments. An organization or an individual, looking for business prospects in the GCC, can rely on market research studies and report to understand the feasibility of a new product or service. A report based on market research can lead businesses in devising strategies and taking informed decisions, as a market research report:
Gives a holistic perspective- A holistic picture of the market, the consumers, the factors that affect swiftly transforming consumer behaviour or dynamic trends give organizations or individuals a better understanding of their target market or customers and different perspectives to stay relevant and take informed decisions. An unbiased report which offers a wider perspective will also help the businesses to devise strategies to cater for the competition in the market. This is also vital for strategic planning.
Easy availability of comprehensive industry information – Through a syndicate market research report, industry information can be made readily available for businesses who are short of time to make informed decisions.
To validate internal research- Though some organizations conduct research internally, they also tend to use a market research report developed by agencies as a secondary data in decision making to avoid bias or any error.
Minimize risks - Decisions that are based on objective data often reduces the risks of businesses when they launch a new product or expand their businesses. A market research study can also help businesses to stay on top of their business and relevant among their customers.
Strengthen credibility - Decisions or strategies that are data-driven will be consistent in delivering the requirements of the market, customers, or stakeholders. It will in turn contribute to the brand reputation and customer loyalty that are vital for the success of any business.