30 Nov Disadvantages of NOT Doing Market Research
The advantages of Market Research are highly underrated. A thorough market analysis enables organisations to improve and create the best versions of themselves. Despite knowing the benefits, companies don’t understand how neglecting to do market research can hurt your company. Here are some of those:
Never Learning Your Competitive Advantages
Organisations that understand their strengths, capabilities and weaknesses are better prepared to make revenue-maximising, risk-mitigating business decisions. Research makes organisations self-aware, which is critical to formulating strategic growth strategies.
Good market intel allows businesses to steer operations to their competitive advantage. It highlights what activities or processes are currently working. It evaluates if they are on-brand, lean and successful. Research also identifies things your competitors might be doing you can integrate. Overall it aids in expanding your market share and furthering your competitive momentum.
Forgoing Customer-Centric Marketing Models
Research helps businesses know what makes their customers tick. When done thoroughly and reliably it is both an art and a science. Through customer-centric marketing research, companies can create new marketing and sales strategies, draft more resonating advertisements and invest in more customer-facing platforms and touch points. This is done mostly through surveys, focus groups, field studies, interviews and more.
Increasing Strategic, Operational Risk
Instead of going in blind, conducting market research builds a foundation for business decisions and minimises the chances of plans going astray. A business will have accurate insights into what works and what doesn’t, both internally and externally. Backed by this intel, they can tweak processes and allocate resources to:
- Optimise budget cycles
- Increase ROI
- Enhance product cycles
- Formulate product launch strategies
Can’t Make Data-Backed Enterprise Decisions
Don’t get us wrong- just attaching a number to statements doesn’t make them correct. However, with data, you can make informed decisions. You can justify these decisions to your team with more confidence. The insights should be composed of real-world, reliable data. Stakeholders, therefore, have more confidence in making business decisions which:
- Are preemptive, not reactive, plans.
- Can predict the competition’s motivations and behaviours.
- Can predict customers’ motivations and behaviours.
- Mitigate risk and have provisions for when market anomalies do occur.
Leaves Business Stones Unturned
It is impossible to control all internal and external variables such as consumer expectations, business environment, technology changes, competition and general society. However, with market research business leaders can rest assured that they have done due diligence, keeping a check on things as they happen — not after the fact.
The business scenario is scientifically validated, analysed and put into effect in equally measurable instalments — no cut corners, no sloppy implementation. Simply a well-run business crossing and T’s and dotting I’s before making significant strategic moves.
Gain the Advantages of Thorough Market Research With Aeon Research
When an organisation seeks new ways to be the best version of itself, Aeon Research provides answers through renowned market strategy and analysis services committed to your exact goals.
Want to collect customer feedback so that you’re able to gauge customer satisfaction and ultimately improve the overall customer experience? Aeon offers syndicated research and competitive intelligence collected across 20 cities in India. Leverage the power of market research to help identify growth opportunities in your business. Contact us to find out more.