Why is market research important?

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Why is market research important?

Getting paid to share your opinions on consumer goods, products and services seems like an easy way of earning cash (which it really is). What many participants do not realize, though, is how valuable and impacting those opinions truly are for the market!

Here is a short list of reasons to show why your participation in market research is important:

#1. Solve business and consumer problems:

If something isn’t working correctly for consumers and a business, then a solution needs to be found. Market research helps companies analyze their services and how consumers perceive them. The research gives them a chance to look at it from your point of view, and change it for the better.

#2. Prepare the market for something new:

By sharing your opinion on a new product or service, you’re helping the market prepare for it. Companies use your answers to figure out the best way of presenting this new product or service, and whether it’s truly even needed & wanted in the market!

#3. Helps companies understand their customers:

Without truly understanding their customers, businesses will never deliver the products and services consumers are asking for. Market research presents the data to help companies better understand their customers’ needs and wants. It all circles back to solving problems!

Here is another great article on ways in which market research is vital:
http://www.knowthis.com/marketing-research/importance-of-marketing-research