Most of us start a business to make money.
That's cool, but there is much more to building a succcessful business than just making money (although making money is great too!)
First and foremost, before even starting a business - it's best to do some market
research. You may already have a business but perhaps times are a little slow or you are looking to grow. You can do quarterly market research to keep up with changes and your target market.
Market research is a fundamental tool that empowers businesses to make informed decisions, reduce uncertainties, and increase their chances of success in a competitive business environment. As long as you have a business, this process NEVER ends.
Here are are some answers to the QUESTION = WHY DO I HAVE TO DO MARKET RESEARCH?
You must understand your customer needs and preferences: Get to know your target market really, really, really well. You are serving them. You are creating value FOR THEM. You may have created a business based on a passion of yours, but at the end of the day - your target market pays YOU for the value they receive. Never forget this. If you don't know who your target market is and what they want, well, what's the point?
Identifying Market Opportunities: The world is changing so fast and so is your target market. When you do some research you may even discover you have a new "niche" target market you hadn't realized before. You'll never learn about this without market research. Often you are sitting on your own "Acres of Diamonds" - which can be summed up as the idea we often possess untapped potential or opportunities in our immediate vicinity, and the key is to recognize and leverage them wisely. This may involve finding gaps in the market, unmet needs, or emerging trends that the business can capitalize on.
Minimizing Risks: Before launching a new product or entering a new market, businesses can use market research to assess potential risks. Understanding the market environment helps companies make informed decisions, reducing the likelihood of costly mistakes.
I would suggest doing quarterly target market audits and research to keep up on the trends and evolving marketplace. If you're too busy running your business - adding Social Media Remodel to your marketing goals ain't a bad idea