Research is as important for small and medium-size enterprises (SMEs) as for larger firms. But the SMEs often may have less experience in gathering and analyzing information.

Consider these observations from Surveygoo founder Neil Carey:

“When it comes to your business’ success, market research is crucial. Market research gives us a close insight into the exact needs and wants of our customers – it allows entrepreneurs to study and survey which products and services are worth having on or bringing to the market and which are not. The data and information collected from market research helps you and your business with future innovations while also helping to stay ahead of your competition. The people at Surveygoo have created this infographic that outlines the importance market research and why it is so significant in helping your business grow. Let’s check it out!”

 

mr-inforgraphic
 

27 Replies to “The Value of Market Research for Small and Medium Firms”

  1. I think doing business without market research is taking an exam without studying at all. Market research is really important because its the study that helps you prepare for your business, compete in the market and eventually do well enough to survive and rise.

  2. Market research is extremely important when starting a business or doing any sort of business. I don’t know who could succeed with a product with out doing market research. Like the article said when you do research it helps you create less mistakes and less trial and error if you research everything before hand. This also gives you the time to create a better product so you can beat the competitors and everything come out as best as it possibly could be. With out market research I think a business would fail completely. It is crucial to every business and helps you prepare for whatever comes your way.

  3. Marketing research is definitely a crucial task in determining how you want your business to run in the future.The steps in the marketing research process, in my eyes, is ultimately a vital step in having a business run smoothly with less mistakes and more time and determination to beat competitors and other threats.

  4. I think market research is important to all kinds of enterprises. Not matter it’s a big company or small company, the more data and information we have, the better decision we can make. However, the cost of market research is not available to all companies. Usually big companies have more resources to conduct quality market research, or purchase research data from professional institutions. Probably the high cost of such research is one of the reasons why small companies do not use research data as much as big companies do. Maybe it will be a good business idea if I can launch a app for small business to use selected market research data.

  5. Marketing research is of vital importance not only in the SMEs but also in the large-size firms. Marketing research can help firms know what the target customers’ needs and what they actually want. If the firms know what customers’ taste, it will reduce the risk of products unsalable situation. In addition, we can know that the disciplines of marketing and marketing research are merging recently, which is a good phenomenon for both the customers and firms.

  6. To do a Marketing research before you start business which is very important. You get more information which means you will get more chance to help you to do a better job. Also Marketing research can let you know what problems you have, you will get more chance to fix your problems and do more right choices.

  7. I believe that market research is a crucial step in starting a business or launching a new product. Without knowing what the target consumer wants or needs, a business can not efficiently determine how or what to sell. If a company does good market research from the beginning, they are more likely to be successful.

  8. I am an Business Analytics student, and I am glad to see the report that how market research can do for small business. Today is the world of big data. Market research would make their work more efficient and effectively.

  9. I am a Business Analytics student, and I am glad to see the report about how market research can do for small business. Today is the world of big data. Market research would make their business more efficient and effectively.

  10. I am a Business Analytics student, and I am glad to see the report about how market research can do for small business. Today is the world of big data. Market research would make their business more efficient and effecitly

  11. Wonderful picture for listing a significant outline about maket research. Market research is a very important component of business strategy. It helps marketers find the key customers and target markets and help companies to maintain competitiveness over competitors. As a business analytics student, I could use more softwares to get market data and find out more information precisely in marketing research.

  12. When starting a business, Market research is a key element even in small business’s. Having research done before helps you hen you create less mistakes. It allows you to create a better product than competitors. With out market research I think a business would fail completely. Market research can only be a benefit to a business, makes it more efficient effective.

  13. Marketing research should be treated seriously by all companies, especially for those SMEs. According to the article, I think the market research here is talk more about surveys more than secondary research. Although information from previous studies and researches can give executives some indicates of the trend, every company and every single product is under the different situation. Secondary research would not provide suggestions highly oriented and accurately. The article shows that companies most rely on research result when they make strategy decisions and plan for new product development. Both of those two activities are highly specifically. So I think surveys are necessary to companies face making operation decisions.

  14. Market research is a huge part of small and medium sized business, mentioned in the article. We talked about knowing your market in class this semester and I feel like it is even more important for smaller companies to know what their customers want. Larger companies have the benefit of brand recognition and large enough profits that they can make a mistake and recover. Smaller businesses cannot make the kinds of business moves that large companies can, therefore they have to try to be as efficient as possible when trying to move their products. This info graphic states that market research is used to minimize risk, and that is extremely important to smaller companies which don’t have investors and large profits to fall back on. One of the quotes at the end hits the nail on the head for me, “marketing without data is like driving with your eyes closed.”

  15. It is definitely right for the importance of market research, especially for smaller and newer ones. After finishing our own business plan, i feel more and greatly agree with the opinions above, because the most time i spent on doing market research to find what statements and characteristics of industry, where is a niche, and what customers want but not be satisfied. And after market research, we get more effective information and know what are better target segments for us.

  16. Market research is crucial for firms, because it is an easy way to learn about their customers. Without Market research firms would not know who the customers are and which products they want.

  17. The process in the picture is useful!!! Small and mediums firms need consider a lot before they enter into the market. Who are my customers? Identify the customers to make sure your products’ popularity. What do they buy now? Analysis competitor’s products to find the difference you want to do in your company. Why do they buy? What they really want from this products is their needs. Do the research to find out the real reason they need. What will make them buy from me? Why would other company buy your company’s products when they have that much choices. So the niche is very important for survival. Above all of this, research is crucial to small and medium company!!!

  18. This post is a really great reminder of why I want to do market research. It gives so much insight without wasting so much time that advertisers spend trying to figure out who, what, when, where, why, and how to advertise. It’s important to know your market so you can make an awesome promotion or advertisement that works well almost every time (because there are going to be failures). It’s cool to me to know why consumers want certain products and that really is the key to having a successful campaign.

  19. In establishing a business it is inevitable to come across error or factors that don’t benefit us but with marketing research with can minimize the need for trial and error. The research is consumer centric and since they are responsible for our success it is crucial to come up with a strategy that will allow businesses to better cater to consumers growing needs. I like what Newberry said “Research is like the motorway lights, it can’t tell you where to go but it can reduce the risk in how you get there” this proves that there is no right or wrong in the research you conduct because it doesn’t necessarily tell you what to do but it does provide statistical support in guiding strategic decision making.

  20. Doing research is very very important, for example, on the team project for this semester, we really did a lot of research, we spent a lot of time on gathering information. As we have enough information, we can get started to know the industry we want to do, and we can find the gap or niche in this industry.

  21. It is impossible to run any kind of campaign whether it be marketing, public relations, or advertising without research. You need to identify your audience and what the general demand is. Like it says in the picture, using research is helpful because it helps reduce risk, see how customers respond to new ideas, and identify sales opportunities. In summary, research is absolutely necessary should anything get done at the minimum and if there is any chance of progression.

  22. Marketing research is very important for any size business. It allows the business to define a target market and to get to know your consumer. Marketing research also allows you to stay ahead of your competitor which is a huge advatage that your enterprise/business would have.

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