Unfortunately , very few businesses appreciate the crucial role of insights in the success of businesses . Many only know what market research is and acknowledge its importance in a broader sense but are not able to give insights into their real source of competitive advantage . consumers .
MARKET RESEARCH
Market Research : Why Businesses Need To Transform , Elevate Insight Functions
By Chris Githaiga
It is not easy for businesses to stand out in a saturated market where there are similar services and products competing for consumer attention . Some businesses have , however , managed to launch brands that instantly gain a competitive edge to move ahead in an industry .
It is not by chance that these brands are able to differentiate themselves in today ’ s marketplace . It all comes down to research , which helps companies to gain insights into how they can pull ahead of the pack .
Looking into a competitor ’ s marketing campaigns , brand reputation , revenue or sales volume , and other important data points can help new businesses or struggling ones learn from their strengths and weaknesses .
For organizations seeking to develop targeted marketing campaigns , research will provide insights into the most effective marketing channels , messaging and communication strategies to reach and engage target customers .
Market research also helps businesses pricing strategies by evaluating customer perceptions of value and willingness . When a business understands the pricing dynamics of the market , it can set competitive and profitable pricing levels .
The value of market research for businesses does not stop there . The benefits are numerous . When you need to identify market trends , understand your core customer better , or achieve a long list of other important goals , market research is the answer . If you have powerful market insights when developing a marketing strategy , you can make informed decisions that would help your business grow .
Unfortunately , very few businesses appreciate the crucial role of insights in the success of businesses . Many only know what market research is and acknowledge its importance in a broader sense but are not able to give insights into their real source of competitive advantage .
Traditionally , the focus areas of the research function have been to own access to consumer understanding , but with the emergence of social listening and new technologies various stakeholders in large companies now have direct access to
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Unfortunately , very few businesses appreciate the crucial role of insights in the success of businesses . Many only know what market research is and acknowledge its importance in a broader sense but are not able to give insights into their real source of competitive advantage . consumers .
What has been there is the culture of “ act and learn ” which meant that some companies were prepared , at least for a while , to take risks without assessing frameworks on consumer and market dynamics .
The exponential growth of data sources has , however , led to the creation of new functions within organizations ( data centers , digital teams , e-business etc .) as well as competing budgets .
Insight has been missing a laser focus on the decisions the organizations are able to make and ownership of the outcomes of those decisions .
But with the realities of the Covid-19 pandemic , insight leaders are increasingly realizing that they must move to the front seats in driving business success by making significant improvements on the functions of research .
This has made it necessary to transform and elevate the insight function for a business to get a competitive advantage in the marketplace .
If well transformed , insights can help organizations enhance consumer or even human-centricity . With insights , businesses can redefine , refine and constantly adjust their strategic plans to meet fast-evolving human needs in the fast-changing environment .
With the ever-growing availability of data sources , as well as the latest scientific developments in data , neuro and behavioral sciences , business have no option but to embrace the power of data and science
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