With budgeting season around the corner and the instability of current global economic structures, many businesses are being particularly cautious about their budgetary spend. In some cases this is having a subsequent effect on the level of marketing funds being made available.
Obtaining market insight in a post-recession environment can give businesses a huge advantage over competitors by allowing them to adapt to the needs of the market and more specifically, their target audiences. Consequently it could lead a market evolution and the information needn’t cost a fortune to acquire.
DIY or self-service, research provides the user with full control over the target audience, volume of people to be polled, feasibility, survey length and cost. With this level of control, market research can be performed within even the tightest of budgets.
Bo Mattsson, CEO and founder of Cint, commented: “With so much uncertainty clouding the global economy, budgets are justifiably tight across almost every industry. However, for a business to become, remain or increase success, it will need to have clear and concise knowledge of what its audience requires, or even demands. Without this information, the business will automatically be forced into a position where it is reacting to the environment around it and constantly playing catch-up. On the other-hand, a business with this vital information can be proactive, adapting quickly to the needs of its clients allowing it to stand-out from its competitors.”
Market and consumer research has further advantages. A survey undertaken by the Marketing team earlier this year revealed that 62 percent of the 1,200 people it polled were more likely to purchase a brand’s product if they were asked their opinion by the brand.
Bo continued: “When markets and consumers alike are constantly evolving, understanding them is vital. Market research isn’t as expensive as many perceive and the return on any investment made is likely to be substantial.”
Our marketplace OpinionHUB contains the services you need to solve your market research needs. Connect your brand today!