ARROW POINT

1
ARROWPOINT-MARKET RESEARCH AND INSIGHT SOLUTIONS

• BENEFITS OF MARKET RESEARCH

2
1. Market research guides your communication with
current and potential customers.
Once you have your research results, you
should have enough ammunition to formulate the
most effective way to communicate to your
customers. You should know what they like/dont
like to hear/see/do. Then you can tailor what you
say to them to make them take action.
2. Market research helps you identify
opportunities in the marketplace.
Research might make it obvious that a new
product you have planned may not be what your
market wants or needs. You may then decide to
make modifications on what you are going to offer
to suit your audience.
3. Market research helps you minimize risks.
Through market research, you may find all the
information you need to decide whether to take
action on a particular subject. For example, you
may find that the particular location where you
wanted to open a shop already has a saturated
market in your line of business, which should
make you refrain from making that decision and
look for a more appropriate spot.
3
4. Market research measures your reputation.
Its always good to know how you measure
against your competitors. Market research finds
out just where you are and then, according to the
results, you can take action to change perception.
5. Market research uncovers and identifies
potential problems.
You can get consumers reactions to a new
product or service when it is still being
developed. This should enlighten any further
development so it suits its intended market.
6. Market research helps you plan ahead.
Research can estimate the likely sales of a new
product/service and also the advertising
expenditure required to achieve maximum profits.
7. Market research can help you establish trends.
If you treat your market research as an ongoing
exercise that you do periodically, youll find
that youll have a lot of data to be able to
analyze your customers and establish any
particular trends.
4
8. Market research can find that compromise.
The team involved in the launch of a new
product/service all have their individual
perceptions and gut feelings. These certainly
should not be ignored, but by going straight to
the target audience, you will gain thoughts and
opinions from people who may be less biased or
less emotionally attached to a new development or
service. It helps gain a new angle, hopefully a
compromise in just how you are going to go about
a new launch, a new brand or a brand
repositioning.