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Is Market Research Useful For A Small Business?

market research

Our belief at Duffy Marketing is that no business is too small to enjoy the benefits of market research as part of business planning. Research reveals information about branding, product differentiation, pricing levels, and much more. It’s why research is just a big part of the marketing services offered by Duffy.

An Overview

Let’s look at some types of marketing research that can benefit you and/or the company you own or manage:

  • A specific industry—No matter what type of business you own and operate, it is just a small part of the related industry. To be an effective business owner you need to be aware of trends and patterns affecting the entire industry.
  • Your specific market—A business operates in a specific market. It can be defined as a city, county, or region. This type of research explores things like growth forecasts and the number of active competitors.
  • Products or services—You offer products and services that may focus on a specific brand name. Research is needed to estimate demand and determine if sales can be increased by changing the appearance and/or cost of a product.
  • Customers—Your business needs to know its customers. Research can determine buying power and help understand past, present, and future buying decisions.

The Payoff

Information gathered during the market research helps develop and fine-tune your business planning and help answer many questions including:

  • How will a price change affect demand in the market?
  • What kind of advertising appeals to potential customers?
  • Which media choices are most cost-effective?

Finding the answers to these questions can save your business thousands of dollars. No longer will a new advertising campaign be just a “stab in the dark” because you will know precisely what will work, and what won’t.

Explore Your Options 

Call Duffy Marketing to learn more about the market research we offer as part of our marketing services. See how that research can help you decide when it’s time to expand, consolidate or diversify the business. Be sure to like and follow us on Facebook and Twitter to see our track record of working with clients across the country.