Whether to dole out money for something you’re not sure is wanted or even necessary is something that all of us question at one time or the other: “Do I really need this?” “How will I use it?” “Is there something better out there?”
Likewise, the standard “To buy or not to buy?” is a quandary that many businesses face when thinking about a marketing research study. It’s often hard to understand how purchasing information can effectuate a positive ROI. But it can, and it does. Quality marketing research can give businesses the tools needed for them to expand product lines, improve distribution methods, target population segments and create effective advertising campaigns – all things that impact the bottom line.
So how do you ultimately determine if you should open your wallet and hand over the cash? Look for these three signs:
Everyone Else is Doing It
This might be one of the few times peer pressure isn’t a bad thing. If your competitors are using marketing research studies to strengthen their strategies and procedures, chances are you should be, too. Understanding the market, your customers and the trends uniting the two, is what sets successful businesses apart. It’s important to be “in the know” if you want to compete against other companies in your industry. Don’t let your competitors be the only ones in possession of key information.
Your Ads Just Aren’t Cutting It
If you run television and radio spots, update online content weekly, display advertisements in multiple local papers and own billboards on the side of the interstate in 10 major cities yet STILL don’t see any noticeable increase in attention or sales, it’s time to seek professional help. Advertisements and other marketing materials should attract and hold consumer awareness. If they aren’t encouraging brand recognition and promoting sales, then you need to think about finding out why.
You Don’t Know What Else to Do
Sometimes you’re bored and decide you need something new. This can be the case with businesses that are at a loss for how to promote growth. The boredom can and should be the catalyst that prompts interest in a marketing research study. Businesses that rely on past successes for future advancement are missing opportunities to capitalize on emerging trends and new markets. Consumers don’t stay the same, and neither should companies.
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Communications for Research (CFR) has 20 years experience listening to clients and creating marketing research studies. We know how to collect and analyze the data that will garner the most profitable results for all types of businesses. Contact us to see how we can help your business growth and succeed!
