The value of research to your marketing

As with all other aspects of the business, research is critical when making decisions about the marketing component of your business.  Research informs what is to be done, who it is to be done for and why.  It further informs the methods used to carry out each activity so that the actions taken are SMART, i.e. specific, measurable, attainable, realistic and time-bound.

Of course, marketing has its own brand of research aptly defined as market research.  A formal definition of market research is “the action or activity of gathering information about consumers' needs and preferences”.

If you look at it carefully, you will recognize that the very definition of market research implies its importance as you seek to coin your marketing programme.

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Market research should be at the top of your priority list for the following reasons:

·         It focuses your business on your number one – the customer – It is my sincere hope that the reason you are in business is to provide a service to your customer.  Research assists you in identifying who is your target customer, the service that they are in need of, how you are going to supply their needs and how you will inform them that you can satisfy their needs.  Never ever based your customer decisions off your own internal needs and desires… focus solely on the customer.

·         It allows you to pursue the most lucrative growth opportunities – In your pursuit to grow your business; research will help you to pursue only those opportunities that mean dollars and sense. 

·         Research helps to keep your business relevant – Basically, the more you know, the more your business grows.  Conducting regular research with consumers and customers will enable you to ensure that you are constantly adapting and evolving your business to meet long-term needs.