Market research is done in order to know the target audience and target market. It is done in order to know their interests, needs, demographics and buying habits. It is also done in order to know about the competitors and what they are offering to the audience.
Before launching any product or service in the market, research is the most important part as it helps the company to know about the audience. The 1st thing in market research is to know about your competitors and for this you have to make yourself stand in place of the customer. You have to know what your competitors are offering and how your product is different than their product. What customer will prefer. Where do you stand in the market? Will you excel. All this is done in pre-launching of the product.
On thing should be kept in mind that loyal customers don’t switch to other brands that easily so before launching the product we should start to give different offers to the customers so they should try to start making up their mind to switch toward the new product. We should use such promotional tools which will make us stand out in the market.
Market research also help us to know what the new product or service may bring the profit. This research helps us to make changes that can affect the selling of the product.
Market research also include that we should know our strategy. We should plan before hands that how we will introduce the product or service in front of the market. Which means should be use in order to make it effective. Research also include the use of testing the product. Because after all it will be the audience that will decide the fate of the company. Before launching the product in the market, small samples should be given to the audience. And small video should be made to know the reaction of the audience. If any changes need to done, then that should be done in accordance to the demands of the audience.
Market research is the key factor in the pre-launching of the product. This research is basically done through surveys. By the help of this feedback we can have the ideas for the future products.
By understanding the audience, we can know what is important for them and we can launch our product according to their desires. Spending money on market research and advertisement prior to the launch of the product is much better then facing failure.
Not knowing the target market and launching the product is just like travelling to Lahore from Karachi without having the map. It is really important to do proper market research and it should be done properly. Secondary research should not be made. Some people only use web sources or get surveys from the people they only know. This is the biggest drawback in market research.