The survival of any business is based on Business research
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Benth Plus Consulting is one of the top and leading RESEARCH & ANALYSIS Services We Offer Outsource Services in feasibility study, market survey, research & Analysis for Business Success. Guess you will be asking Why Market Research is Vital for Business Success and perhaps that should be asked more in Nigeria.
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Market Research is very important and infact we can't survive without it for Business Success successful businesses worldwide periodically conduct market research in order to stay tuned to changing market trends also getting involve in the new innovations, projections and to retain their competitive edge. Whether your business is in a start-up stage or in an expansion phase, market research is very important for understanding the critical characteristics of your target market to increase sales revenue, profit, return on investment(ROI), return on equity (ROE) and overall business success.
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The importance of market research can be best perceived by understanding the various factors that impact your business.
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Market Information
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This includes factors such as market size (in terms of number of customers), sales revenues (for existing products), market segmentation (geographic, gender, personality, etc.), the demand and supply scenario, and other factors.
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There are many questions you should ask yourself in why your product or business exist and why you want to be at the top always . Note Insight into Existing Customers this requires understanding important customer decision-making triggers such as:
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Why do customers select your products or those of your competitors?
.What value do they perceive in your products?
.What is the key decision factor? Is it service, product quality or prestige?
.What factors influence buying decisions?
.Which magazines and websites do they browse?
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Identifying Potential Customer: New customers can be identified by understanding
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Market research helps you Evaluate and understand the precise needs of potential customers and develop your products and services accordingly. Even existing products and services can be suitably modified based on the results of such market research. The study in the business environment will help your potential customers exhibit behavior in preferences, such as a preference for only one brand or switching brands frequently; trying out new products; a preference for products of a particular type, size, color, price range, or other such parameters.
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Also not that in pursing the growth for your business we will help you on run a Competitor business Analysis Research that can provide you with valuable information about existing competitors, their adopted strategies, impact on target consumers (and their reactions), and other such details.
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Opportunities in market research helps identify existing gaps and new business opportunities such as untapped or underserviced markets, as well as changing market trends such as population shifts, higher education levels, increased leisure spends and more.
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A market research company can identify the cause of your business problems, if any, and suggest possible remedies. For example, decreased sales could result from the entry of a new competitor, a substitute product, reduced brand awareness or negative brand image.
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The impact of business research is that information collected through research can enable you to set realistic expectations, set new objectives, set new strategy and also make appropriate estimations about sales forecasting, market share, growth rate and other such critical factors.
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Many organizations today fail not because they were out of ideas strategies but Improved communications( Business research) between the company and its target customers through accurate understanding of customer needs and meeting them effectively, leading to enhanced customer satisfaction and minimize risk through precise analysis of the customer's exact demands and developing perfectly matching products and services, thus reducing errors and failures.
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However, measuring business success through analysis of the research data and evaluation of business progress and growth. Even possible pitfalls and solutions can be gauged
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Benth Plus Consulting is a leading market research company with expertise and experience in market research. We have a successful track record of providing cutting-edge reports to our clients and enabling them to make informed decisions and achieving rapid growth. Our team of qualified and experienced professionals has consistently met our customers' expectations.
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Contact us today for a long lasting business relationship about your market research requirements and your feasibility study analysis and other growth index you would want us to do for your company.
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call us now on +2347032376557, +2348128117326
@iamosondu_c_benedict