In 2016, the economy has never demanded so much and been so competitive. Educating yourself with regards to your customers’ preferences is now indispensable for any enterprise. In this age, consumer insights play a pivotal role in the success (or failure) of a business. Market research is defined as ‘’the practice of gathering valuable information to help you find out if there is a market for your proposed product or service.’’ The data collected from market research helps aspiring entrepreneurs make smart, profitable business decisions. As the experts in this graphic outline, it is detrimental for business owners, big and small to carry out market research in order to stay ahead of the competition and improve upon existing products or services.
Market research allows you to detect and categorise threats as well as opportunities within the market place while also providing information that can help you make educated, informed decisions. The more accurate the information – the better the decision. For market research, the future looks bright. Digital trends for 2016 predict that social listening analytics will be a must-have for every marketing and market research manager as well an increase in popularity of DIY market research. Predictions highlight that DIY market research will democratise the sector. The folks at Surveygoo created this infographic that gives us some industry insights into market research in the digital age.