Market research is the action or activity of gathering information about the market and customers. This affects every aspect of the business – including brand, product development, customer service, marketing and sales. By understanding how your audience thinks, feels, and behaves, you can then meet those needs and mitigate the potential risk of an experience gap – which your customer expects versus what you actually deliver.
How can you make a critical business decision that will disrupt the market if you don’t know how your consumers or market will respond? Get the insight and data you need to take proper action.
There have always been timeless truths of human nature. What people like, what they dislike, what they appreciate, what they need and so on. But how we target customers have grown increasingly sophisticated and complex. Therefore we need to understand these audiences in greater detail so that brands and institutions can better serve them. Here comes market research!