The Importance of Marketing Research

Market research consists of collecting and analyzing data about people or companies methodically to better understand what that group of people needs. In chapter 5, Li & Bernoff talks about the importance of listening to the groundswell, companies spend large amounts of money and effort on market research, listen to their customers, therefore to better develop the strategies to promote their products.

Market research is important because it will help you get the answers to the key questions of your business. Getting to know your customers helps you to get your products to meet the market needs and size, have a better understanding of your competitors, which is important for a business to enter into a new market or maintain an existing market.

Market research is very effective that it drives your communication with your current and potential customers, identifies where the opportunities are, resolves business problems, develops business strategies, which can help a company to enter into a new market or maintain the existing market.

According to Statista, the market research industry generated around 44.51 billion dollars in the United States in revenue worldwide in 2016 and employed more than 27 thousand people in the United States. 

It is a huge and complex project to gather the right blend of data and analysis from the targets. Market researchers want to get as much as the consumer data with limited time and cost. On the one hand, it creates big challenges for the researchers, and on the other hand, it stimulates the development and innovation of technologies in this industry.