4 Reasons to Invest in Market Research in 2021
If you find yourself trying to justify the ‘cost’ of marketing, stop right there. Always remember marketing is an investment, not a cost. We completely understand if you want to get the best ROI for your marketing dollar. That’s just smart business.
Market research will increase your ROI—we know because we’ve seen it, time and time again. By studying your market, you’ll get the right data to build your campaigns, products, and positioning. In other words, you work with insights, not guesses. So, without further ado, here are 4 reasons to invest in market research in 2021.
1. “Quick & Cheap” Is Never as Promising as It Sounds
It’s tempting to think you can DIY your market research or go for a “quick and cheap” option. Free tools like Instagram polls and Survey Monkey may seem like a viable alternative to hiring an experienced market research company. And while they’re great for gauging audience opinion, they simply don’t cut the mustard when you need comprehensive market data. You’ll only reach a sliver of your audience with an Instagram poll.
If anything, ‘going cheap’ is one of the biggest mistakes you can make. Free tools may offer data points, but the value lies in how you interpret them. And interpretation is best done by a pro. P.S. Do you know how to write a survey that actually gets answered? That doesn’t unintentionally create bias or confuse your reader? A qualified research partner does.
2. A Long-Term View Is Key to a Thriving Business
Quick gains are exciting, but sustainable growth is what makes truly great companies. Building and maintaining profitable, long-term business success goes hand in hand with crafting trust over time.
In “normal times”, insights from market research can guide you for 1-2 years, potentially. But even in crazy times like now, strategic audience insights will help you understand how feelings might change in response to a crisis. Expert market research means you’ll know how to pivot in the short-term while gauging what your audience will want long-term.
3. The Wrong Decision Could Cost You
Think about it this way: “How much money would I lose if my concept is a flop?”
A bad decision is embarrassing, at best. At worst, both profits and brand trust will suffer. If you’ve been operating long enough, you’ll have likely had a few hiccups in the past. These make for valuable lessons, the best thing for your reputation is avoiding the gaffe altogether.
A common (and costly) mistake is not understanding your target audience well enough. Ultimately, understanding and defining your target audience is the core of all marketing endeavors. So, really think about what’s at stake here. Avoid wasting money, time, and talent on the wrong message, target audience, or product positioning.
4. “Investment” Doesn’t Mean Spending a Fortune
You have a budget, right? So cutting corners isn’t an option when carrying out this important first step to understanding your audience. But we have good news: Investing does not mean breaking the bank. Good market researchers can provide a valuable service and adjust to a customer’s budget. We’ll help you drill down to the core of your research question, and create a custom project to get you the insights you need.
Ready to improve your ROI, make more informed decisions, and really wow your audience in 2021? Contact us for a free consultation.
