The Importance of Market Research to Grow Your Business

Why Businesses Now Need To Understand Market Research

We live in a world where sales growth is a problem. No longer is the supplier in control as we deal with the more informed and sophisticated consumer. Despite this and the fact that we have an oversupply of product chasing weak demand, business owners continue to adopt the same strategies that they had in the past. Price is under pressure. Business owners now need to understand demand by researching customers’ or consumers’ needs and wants.

A Case Study in Market Research

Recently, one such organisation experiencing a downturn in growth approached Outsource2Us to undertake market research. The process involved conducting 15 to 30 minute phone interviews using experienced interviewers to interview a cross section of clients and potential clients. Those interviewed provided constructed feedback to help frame the recommendations that were delivered in a report back to our client. The research was quite revealing highlighting 3 key factors.

1. The organization was providing services that the market did not want.
2. They were providing services in low demand market channels and
3. They were not providing services in more fertile markets.

As a consequence of the research findings, management have now discontinued one of their service lines, shut down some of its remote business operations and is now refocusing on winning business in the higher demand market.

Keep An Eye on the Market

The lesson is that businesses need to be far more vigilant in keeping an eye on the market and not trying to be all things to all people. Concerned about your business growth? Feeling out of touch with your market segments? Contact Outsource2Us to discuss how we can assist you to undertake specific market research to ascertain your industry positioning to meet current and future demand to ensure your business grows. Read our article on why we love market research.