ARROW POINT- MARKET RESEARCH AND INSIGHT SOLUTIONS

1
Why Market Research is Important for your
Business?
Market research for Business is the process of
collecting data to determine whether a particular
product or service will satisfy the needs and
fulfil the expectations of your customers. With
an effective market research, your company can
gain invaluable information about your market
competitors, economic shifts, precise information
on demographics, the current market trends and
the spending traits and potential of your
customers.
2
Explanation on Types of Market Research
In case, If you are wondering, what exactly
market research is, and what are the types of
businesses which requires market research, then
here is your answer. In General, Market research
consists of two types of research, primary and
secondary and almost every type of business
requires market research in order to be successful
Primary Research could monitors effectiveness of
sales, existing business practices, the quality
of services, and the tools used for communication
and so on. Additionally, it also assesses the
current market competition by evaluating the
business plans of your competitors in depth.
Secondary Research is the collection of already
published data from various domains to create a
company database that helps in situation
analysis. It devises strategies for benchmarking,
and helps in determining the market operative
segments that a company should target.
3
Why do Companies require Market Research?
Generally, Market research must to be done on a
continual basis, if you want to keep up with the
latest market trends and gain a competitive edge
in specific business markets. Understanding
market research and using it to your advantage is
very vital in reaching out to your target
audience and increasing your sales by volume and
value.

• Here are the reasons stated for why your company
  should conduct business market research
• Identify your problem areas in the business
• Understand the needs of your existing customers
  and why they chose your service or product over
  competitors
• Identify new business opportunities, emerging and
  changing market trends
• Recognize new areas for expansion, and increase
  your customer base
• Discover potential customers and their needs and
  expectations, which can be incorporated into your
  products and services
• Make well-informed market decisions about your
  products offered and services to develop
  effective strategies

4
Why Market Research is termed as most important ?
With the economy which is becoming more and more
competitive with each passing day, having apt
knowledge about the concerns and preferences of
your customers has become integral for any
business atmosphere. Market research is the best
way to increase your customer satisfaction,
understand the factors that are affecting your
business, and to elevate your performance. Here
are three reasons why market research cannot be
ignored
1. Marketing research will guarantee the success
of your marketing campaigns, and also in-turn
sales!
Actually, Marketing research not only helps in
identifying new business opportunities, but it
also helps in designing marketing campaigns that
will directly target the interest of your
potential consumers and which helps in increasing
sales. Marketing research provides valuable
information about the potential of a particular
market segment and relevant population, during a
specific time, and within a particular age group.
2. Market research will help you keep a tab on
your competitors
Marketing research is an excellent evaluation
tool that can be of great use in comparative
studies. You can track your company's progress
and as well as the growth of your competitors, by
keeping an eye on them. You can devise business
strategies accordingly that would keep you ahead
of your business rivals.