The unexpected reasons Market Research Matters

If you’re like most people, you probably think of market research as a dry and tedious process.

There are actually many good reasons to invest in market research.  Here are just a few of the unexpected reasons to do market research:

Fuelling innovation: 

Market research can help you identify new opportunities for growth and expansion. By understanding what consumers want and need, you can develop products and services that are truly innovative and meet a real demand.

It is no secret that market research is essential for any business that wants to be successful. After all, how can you develop a product or service that meets the needs of your target market if you don’t know what they are? 

However, what is often overlooked is the role that market research can play in fuelling innovation. 

By constantly interacting with customers and gathering feedback, businesses can gain a deep understanding of the evolving needs of their target market. 

This knowledge can then be used to innovate on product development, creating products and services that are truly aligned with customer needs. 

In today’s ever-changing marketplace, this kind of outside-the-box thinking is essential for any business that wants to stay ahead of the competition.

Back your gut instinct by Hard data

Gut instinct is a powerful thing. It’s that feeling you get in your stomach that tells you something isn’t right, or that you should go for it. It’s the thing that makes you say, “I just know this is going to be a success.” 

Gut instinct is an important part of decision-making, but it’s not the only thing you should rely on. Gut instinct needs to be backed up by hard data. 

Data can help you confirm what your gut is telling you, or it can help you realise that your gut is wrong. 

That’s not to say that you should never trust your gut, but rather that you should be aware of its limitations. By weighing both your head and your heart, you’ll be able to make the best possible decisions.

Either way, data is an essential part of making sound decisions. The next time you’re faced with a decision, don’t just go with your gut. Make sure to look at the data too.

Stepping outside your comfort zone

Market research forces you to take a close look at your business from the outside. This can be uncomfortable, but it’s also essential for making sure that your business is on the right track.

Get comfortable with being uncomfortable. Comfort zones are where dreams go to die. If you want to achieve anything great in business, you have to be willing to step outside your comfort zone.  

1. Set Large  goals based on your market research and hard data,  

2. Take baby steps: Once you’ve set your goals, take daily steps towards achieving them. 

Overcome Bias

We all have biases. Sometimes they’re helpful, like when you have a “gut feeling” about something. But other times, they can lead us astray. 

This is especially true when it comes to making decisions about marketing and product development. That’s because we often rely on our own experiences and observations to make decisions, rather than objective data. As a result, we may overlook important customer needs or shift our focus too narrowly.

That’s where market research comes in. By talking to customers and collecting data, you can help overcome your biases and surface hidden needs and preferences. In addition, market research can also help identify trends and new opportunities. 

In today’s competitive marketplace, market research is more important than ever. By taking the time to understand your customers, you can create products and services that they will love – and that will help your business to succeed.

Limit your Risk

It’s always a good idea to do your research before jumping into something new. Whether you’re starting a new business or launching a new product, market research can help you reduce your risk of failure. 

By talking to potential customers and learning about their needs and wants, you can make sure that your idea is feasible and that there’s a market for it. 

Conducting market research can help you to make your ideas better by identifying areas where you need to improve, and it also allows you to identify risks that you may not have considered. 

And by identifying risks, you can limit your exposure to potential problems. 

So if you’re serious about turning your idea into a profitable business, don’t skip the market research step. 

It could be the difference between success and failure.

So here is a simple question:

What are you going to do different, today?

Nick and Jo’s reason for starting Navig8 Biz was solely to help small business to build and scale up and not be exposed to business failure. 

They want to share what they have learnt over the years – what worked, what didn’t, and to share how to push through the bad times and how to hold onto the great times.

Though market research may seem like a daunting task, it is well worth the effort. 

By taking the time to understand your target market, you can fuel innovation, back your gut instinct with hard data, and overcome bias. 

With this information in hand, you can then limit your risk as you enter new markets and grow your business. If you’re looking for more guidance on how to do market research effectively, check out our Business Planning Basics program. 

In just a few short hours, you’ll have all the tools you need to get started on your own market research journey.