Making Your Market Research Useful

If you go to the effort of completing a market research project the least you could do it make it useful.

To do this you need to make the research actionable.

The best action for a business to do with research is profit from the new information.

Once you have your findings in the research just ask yourself – “Now that we know this, how do we profit from it?”

The path toward profiting from the information will look different for each business and their individual situation.

If you perhaps discovered that your most frequent buyers have expectations that your product or service would cost twice the price then you can likely logically raise prices without a negative impact to your overall consumer base and total profitability.

If you know that your target customer is worried about a certain thing happening then you can use this as a factor in your messaging in order to motivate them to take action e.g. you’ll see a lot of companies in the life insurance market using this tactic.

Whatever the information you find out through your research, as long as it’s reliable you would silly not to make use of it!

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