Avoid a Lump of Coal: 12 Reasons to Conduct Market Research

Santa may leave you only a lump of coal if you fail to use research as part of your success strategy.The holiday season has many of the same characteristics as market research. It is the time of year for making lists, asking questions, sharing and engaging. In the holiday spirit, CFM is sharing 12 reasons our clients have given why they use market research. 

Some are traditional reasons while others are more contemporary. Check the list twice, then share with us the reasons you conduct research. Not using research with major initiatives, especially if a large investment in marketing dollars is being made, could earn your company more than a lump of coal in its holiday stocking.

The 12 reasons:

1.  Research allows you to make decisions faster, saving management time and the organization money.

2.   Research improves decision-making, enabling you to focus on areas that can make a difference.

3.  Research provides information to determine, build and maintain your organization’s reputation.

4.  Research results make you an expert within your organization about customers and the market.

5.  Research helps identify changing wants and needs among customers and the market.

6.  Survey results give you something to talk about with your customers and the media.

7.  Survey results give you something to talk about with your company’s employees and management team.

8.  Research makes your company money through efficiencies and precision, not hunches or guesswork.

9.  Research identifies promotional information and product features that make a difference to customers.

10.  Sharing research results with customers helps you engage them and validates their decision to buy your product.

11.  Research allows you to test and refine advertising concepts to maximize results.

12. Research helps you identify your organization’s strengths and weakness so you can invest money in changes that will make a difference.

 

If you would like to add to the list, please share your research stories with us by emailing Tom Eiland, CFM partner, tome@cfmpdx.com. Or, you may post a comment below.

Learn more about CFM Research here.