The Importance Of Market Research

Market research is one of the most important areas of marketing and is something employers and businesses should really think about investing in if they are looking at seriously upping their game and improving their sales.UK market research agencies can help them to find out about more about their target pool, finding out exactly what their customers are looking for and expect from their products in terms of quality, price, aesthetics, functions and many other factors. More important, UK market research agencies keep their products fresh and update and maintain an edge over competitors.

Market research companies UK provide businesses with information on who they are going to be selling to, and who they are going to be competing against. UK market research companies need to know the size of the market pool and the needs of that audience. Businesses can employ UK market research companies in the UK to help them with this. For example, if one was to sell a doll, market research UK would know that the competition would be the likes of big names such as Barbie and Bratz dolls. They would also identify that their target audience would more likely be girls aged around 4-12, and the size of this target group would be large considering dolls are one of the most popular play tools for girls of this age group.

Market research UK carries out primary UK market research (both qualitative and quantitative) which is where the researcher collects the information themselves and can look at the trends that they observe from their own pattern of data to fit their needs more specifically. It also carries out secondary UK market research, which looks at previously collected primary data – this can be quicker and cheaper. It works by collecting market information such as prices and target pools, market trends e.g. what is popular at the time, and market segmentation looking at any differences in geographical location. Market research UK often uses a SWOT analyses to look at the Strengths, Weaknesses, Opportunities and Threats of a business enterprise.

Market research UK carries out such information gathering in a systematic way; with opinion polls and comment boxes; the most common way for them to obtain this information being through questionnaires online or interviews. Statistical analysis is then applied to this information by Market research companies UK so that they can gauge an idea of what the target population expects from them. For example, if a local supermarket were to do an opinion poll of their products, they might see that eggs and milk sell particularly well, but bread and bacon do not. Therefore, they will be able to stock more eggs and milk, and less bread and bacon, and they then do not end up with any wastage and lose out on money because of the findings of UK Market research companies.

This increases the employer’s selling point and strategy so they can finely decipher what is needed and what is not. Furthermore, it might help them to realise why products might not be selling in their store. Sticking with the same example- in this local supermarket, carrying out UK market research agencies using opinion polls may help the company to find out the majority of customers that shop there are wheat intolerant and vegetarians- hence why bread and bacon is not selling particularly well. They might also be able to improve the product, where if the polls show the packaging on the bacon is not appealing, they are less likely to buy it, so retailers can work on this. Market research agencies are vital for the growth and success of any business.