What color should the logo be?
Whether product prices should be low or very low.
How to reach customers in the most effective way
These questions are on the minds of every entrepreneur. Some philippines phone directory search choose to proceed by trial and error, completely ignoring the potential benefits that reliable market research could bring. Especially in times of crisis, which, due to a pandemic, will probably soon hit the global economy, it is worth using any knowledge that gives you an advantage over your competitors.
Market research: expansion into new markets
More and more companies are going online and trying to operate internationally. This is not surprising, as the Internet is more suited to this than any other medium. However, before you decide to target foreign customers, it is worth doing some market research. We may seem to live in a global village, but consumer preferences can still vary greatly from one country to another.
And without a thorough understanding of the market, it's easy to make a spectacular mistake. There's no need to be ashamed: it's happened even to the largest companies. Take an example from the automotive industry: the name of one of AUDI's popular SUVs, the Q3, is read as "miserable" in Spanish-speaking countries. This, like many other examples of blunders, undoubtedly had an impact on the sales statistics of this vehicle.
Good market intelligence also means knowing the competition and the demand for a particular product/service. This knowledge makes it possible to plan marketing activities and predict trends in a particular market or, ultimately, to gain a competitive advantage. Because, for example, a low price that determines the demand for a given product in Poland does not necessarily translate into the popularity of a given product in Germany.
New market niches
A well-conducted market analysis will enable us to discover completely new market niches. For example, if our company has until now sold expensive industrial machinery, perhaps in times of crisis it would be worth switching to the distribution of cheaper products? For example, tools? Or targeting other customers, such as individuals, instead of the business customers that have been our núcleo customers until now? A good market study will answer this question.