Market research is the process of determining the viability of a new service or product through research conducted directly with potential customers. Market research allows a company to discover the target market and get opinions and other feedback from consumers about their interest in the product or service.
This type of research can be conducted in-house, by the company itself, or by a third-party company that specializes in market research. It can be done through surveys, product testing, and focus groups.
Quality results come from quality research and analysis
Market research is a critical component in the research and development (R&D) of a new product or service.
“I cannot give you the formula for success, but I can give you the
formula for failure. It is: Try to please everybody.”
Nurture promoters, your loyal customers, who are more profitable and will advocate for your business—both in good times and bad.
Market research is a critical tool in helping companies understand what consumers want, develop products that those consumers will use, and maintain a competitive advantage over other companies in their industry.