Successful businesses have expansive knowledge about their competitors and customers. Market research is the process of gathering market data about the current and potential customers to enable you react to the potential or current products or services. Many small businesses carry out market research without even knowing they are doing so. For instance, when a small business owner inquires from customers about how they feel about the services offered, or a business owner checks competitor product prices, then he/she is conducting market research.
The main aim of market research is to prepare for the marketing research report. Marketing research report includes a summary of the important data and analysis of the data for decision making in the business. Market research has been enhanced with the advent of the internet which makes it possible to reach the target market quickly and with ease and still gain important consumer knowledge to drive business forward.
The main questions property decision makers would want to ask themselves is - is there a useful way to conduct market research for a property business to make informed decisions about the way forward? And why is market research important? These questions can be answered by understanding how effective and efficient market research can be to help business find the opportunities and strengths, and where to eliminate opportunities to help the business expand.
Let’s start with why is market research important? Market research defines a clear direction for a company. When market research is done effectively and market research report is prepared well, businesses have a clear view of the customer needs and a clear path which the company need to take to achieve the needs of the prospective customers. Unfortunately, many small businesses may not be in a position spend the thousands of dollars to hire the most reputable market research firms. In this regard, many of them prefer to ignore taking market research into consideration or use approaches which may not lead to useful information.
The importance of market research include helping to understand the market, which may include the target age bracket, target gender and other demographics. Market research is critical to understand the competition, know the right product customers need and building connections.
Big Data has been a game charger as far as market research is concerned. Market researchers are faced with large amounts of data to analyze and monitor both online and offline to understand the customer needs. In this regard, Big Data is continually being used by researchers as a compliment to market research to know what consumers need and monitor changes in tastes and preferences. The five insights gained include - creating a more accurate profile of the target customers, to monitor and analyze the consumer reaction to product offerings and marketing messages, develop strategies for retaining customers in a more effective and efficient way, plan marketing campaigns and digital marketingto the target groups and monitor changes in tastes and preferences.
Queensland property market is currently a BOOM market thanks to Queensland’s economy which has started to improve. For instance, the latest RP Data CoreLogic Home Value Index for Brisbane show an increase of 0.7% for September 2014, 0.6% increase over the last quarter of 2014 and 6.4% year-to-year increase. Small businesses investing in Queensland property market should use these kinds of market data and outsource market research from property research companies to achieve real value of their investment.
This post comes from Sarah, an inspirational writer. She is part of crews at Real Estate Academy Australia (a specialized training center for the real estate industry), working with entrepreneurs and small business owner to grow their careers and achieve results that raise the standards of professionalism and respect in the Real Estate industry.
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