Any company is looking for growth opportunities to earn more profits and expand more. Market research is one of the ways to find more business opportunities. Collection of data related to niche conditions, customer preferences, etc., The advantages for the company are known to the market statistics, competitive strategies and sales opportunities.
Companies have launched the R and D department especially for market research. If a company is small or large, it needs to know the latest market statistics to decide on future business strategies. To gain a competitive advantage, it is also important to look for hidden places to sell products and retain customers. There are some companies that have not been successful after research. The reason behind it can be an improper way of doing research. The following are common barriers for small businesses.
Low financial capacity:
Small business owners always find it difficult to invest in research. Although they know the benefits of market research reports well, they can not spend more on research work. The in-depth analysis of the market requires you to pay high and it turns out that it is a tax for business owners. Because of this common barrier, they move towards poor research reports prepared by them; so that they can not have a global perspective while making decisions.
Based only on secondary research:
Market research can be of two types, primary and secondary. Primary research requires data to be collected from market surveys, observations, market analysis, etc. While secondary research can be performed by reading and analyzing the previously collected data. Secondary data has a time limit but can be used to start your business. After a period it is necessary to move towards primary research as it provides current and direct knowledge on rapidly changing market trends. It is not possible to stay informed about current and future market trends based on secondary data for longer.
Exploring on the internet:
One of the most convenient ways to get information on anything is the exploration of information on the internet. Although Google search is cheap, it only offers an overview. Only dig a piece of information, which can be ambiguous, and present it to you. But to get more and accurate information, you’ll have to pay for it. There are several research hubs, research reports that provide portals that provide valuable research data provided by market intelligence. The problem is that entrepreneurs are not aware of such portals or are not able to pay them.
Influence of obsolete thought:
Friends and family always give outdated suggestions without knowing the market trends. Industry analysis provides a complete view of industrial policies and plans to increase sales in the market. But the differences in marketing strategies are neglected by these people and try to convince you not to participate in consumer surveys.
Knowing all these barriers, a new age leader must try to overcome them. Any type of product to be launched on the market, supported by an in-depth market research, certainly raises its sales even in unknown niches. Along with this, any business with a higher sales margin can only sustain in the global competition if it uses market research reports.