When thinking about starting a business or expanding one, market research can help.
Market research provides valuable, objective data that identifies who your customers are, who your competitors are, and how to reach your target market.
Both new and existing businesses can benefit from market research. It can help you identify opportunities, minimize risk, and evaluate the success of your business and provide a “big-picture view” of your market and industry.
Sarah Schmidt of MarketResearch.com lists five benefits of market research:
- Outlines industry information
- Validates internal research
- Provides a holistic view of the market
- Supplies objective data and
- Strengthens your credibility and reputation
Laura Lake of The Balance points out three key benefits of market research for marketing your business. Market research drives your marketing strategy by determining how you should communicate with your customers, identifies opportunities, and lowers your risk when implementing your marketing plan, she writes.
Whether you are a current or potential business owner, market research is a valuable tool. The data can help you determine if a prospective business is feasible and if there is enough demand for your product or service. Market research identifies and analyzes potential customers. It can also help you determine the best location for your business.
In a nutshell, market research can help you make better decisions about your business, resulting in saved time and money.
According to Socialnomics, other advantages of using market research include forecasting, making smart decisions, and coming up with accurate strategic planning.
As a part of its business consulting services, the Arkansas Small Business and Technology Development Center can provide customized research and analysis for your business. The information includes industry profiles, geographic information system (GIS) mapping, demographic reports, and market potential reports.
If you are starting or expanding a business in Arkansas, learn more at asbtdc.org/resources/market-research-resources.