Market researchers believe that the need to do market research is the responsibility of a prospective entrepreneur. They believe that if you are investing newly, you need to carry out specific market research. This will help them tread carefully and make investment decisions wisely. When they research and are able to achieve the purpose of doing the market research, they tend to relax.
The truth of the matter is that if you want your organization to continue to record success in the market, research should not be a one time thing. It is supposed be a continuous process. It is supposed to be on your schedule of things you will be doing monthly, quarterly, biannually or annually. The earlier you get it done, the better.
What are some the reasons why you have to keep doing market research even when your organization is a market leader? Even when your organization seems to be monopolizing the market, the followings are reasons for you to keep researching:
1. To Forecast Growth
No matter how grown an organization is, there is always room for more growth. A big organization can always do better. No matter how popular the product they sell is, there are still some who have not chosen to buy that product. The reasons for their decision not to patronize you is best known to them. It is only through effective market research that you can get to know and determine what they truly want.
Sometimes it is the price. Sometimes you may need to segment the market so that you can have varieties that will satisfy everyone. Whatever the reason, you cannot get to know of it through speculation or hearsay. You can only know when you carry out planned scientific market research.
By doing this, you will be able to see ways that you can grow and forecast for your organization. Remember, you are not doing this research because your sales is dwindling. You are doing it to prevent such, and to record more growth.
2. To Enter New Market
Being a local champion is okay, but limiting yourself to that locality is not okay. Your locality could be a state in your country, it could be a region in your nation, it could even be your country or some parts of your continent. Its high time you take the bold step and explore other markets.
Its okay for you to nurse the fear of failure. You might even be sure that you cannot fail as you delve into the new market. Both assumptions can be right or wrong. That is why you have this tool, research, which will help you make informed decision before investing in a new market.
Market research will not just give you the go ahead, it will also show you ways through which you can put strategies in place to penetrate the market and dominate it, just as you have done in your present locality. It will help you see beforehand challenges that may come your way as you enter the new market. If competition is existing in that market, you will be adequately informed on how to divert the attention of some of their current customers and make them yours.
3. To See Prospective Competitor
If your product or service is making waves in the market, there is a high possibility that someone somewhere is deliberating on how to break your monopoly and if possible, take over the market. When you make research in advance however, you will be able to foresee such competition and take steps to avoid it.
Of course you may not know the company or individual making plans to phase you out of the market, you may not even be able to pinpoint the strategy they are likely to use to break your monopoly. With adequate research however, you will be able to do all these. Scientific researcher will assume the role that your competition is. Scrutinize ways through which monopoly can be broken if they were the ones and recommend ways that you can be cautious so that you can block the holes.
4. To Detect Weaknesses
The best time to manage problem is before the problem starts. As a stable organization, you may feel relaxed that you have gained control over the market, that everything is alright with your organization internally and externally. This is the best time to use research to look for such problems and the likelihood of having them so you can prevent them.
Research will help you know if your employees are satisfied with your mode of operations, it will help you to determine what you can do to make them satisfied with what they are doing and make them become more productive.
Market Research Beyond Employees
Beyond your employees, research done by sampling the opinions of your customers will help you see how you can better your service or product. It will help you know how you can effectively distribute such products.
There are organizations that have been around for centuries and are still waxing stronger today. They have not stayed at the top by accident. they are there because they are afraid of falling. Hence they keep looking for ways that competition and other factors will not bring them down through research.
If you want your company to outlive you, it is important that you set a schedule now as regards how and when you will like your research to be done. This way you will avoid the loopholes that are likely to bring you down as you stay on the pedestal that other will be envying. Don’t forget to follow Wealth Result on Facebook