Effective Market Research - Benefits

  1. Identify and evaluate opportunities
    • Preconceived Attitudes - If you are planning to expand into a new market you will want to know the preconceived attitudes that people have towards your product or service.
    • Right Market Approach - This will help you to evaluate the potential for your product/service, and to define the right marketing approach and refine your marketing message.
    • Market Responses - You may find the market responds differently to your product, your company and your marketing.
  2. Minimise risk 
    • Cultural Differences - By fully understanding the market and the cultural differences you can learn what not to do and avoid cross cultural blunders.
  3. Creates benchmarks
    • Measure & Gauge - This will enable you to measure your progress and gauge how well you are performing.
  4. Knowledge of cross cultural communication differences
    • Country Culture - These will influence more things than you can think of. If you are not intimately familiar with the culture in the country you are targeting then plan for surprises.
  5. Identify payment and delivery expectations
    • Prevalent Payment Methods - Methods of payment and delivery for products vary from country to country. It is important to understand the most common types of payment prevalent in the country as well as to have knowledge of the distribution infrastructure.
  6. Understand any legal restrictions
    • Local Laws - Local laws regarding your product may influence whether your product or service is acceptable in the market.

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Effective Market Research - reducing Risk, increasing Profit