» Importance of Market Research

“Judge a man by his questions rather than by his answers.” ― Voltaire

As the age of information progresses and surpasses one milestone after another, it has become extremely difficult to efficiently identify the correct information and to differentiate it from all its false counterparts. Today, success depends on how well one can gauge the available information to their advantage. Asking the right questions, extracting valuable insights from the answers and putting those insights to the best of their use is what essentially drives comprehensive growth, in any sphere imaginable.

When it comes to the spectrum of businesses and brands, the ability to measure and utilise information to make the best possible strategic decisions becomes all the more important. Understanding the market and the ultimate consumer of the product is essential and can make or break a business. This is where the role of market research becomes significant. Market research, as a practice, is the fundamental process of gathering, analyzing and interpreting the market in which a product or service is set to be sold. This analysis and interpretation include the identification of the past, present and potential consumers of that particular product.

But why exactly is market research important? The basic aim of market research is to assess the viability of a new good or service in a specific target market. It enables a brand to target a market in the most promising way by effectively understanding its consumers’ needs and wants. Not to be confused with the broader concept of marketing research which covers a wider spectrum of advertising effectiveness, marketing strategies and salesforce effectiveness, market research is all about identifying a specific market of a product and its consumers. For any kind of business, in any sector, market research is helpful in assessing key trends to anticipate changes in the market. It is extremely vital in identifying new market trends, developing new products and choosing the right consumer base.

Well-executed market research helps in driving crucial strategic moves. Even for established businesses, keeping in touch with the customers’ needs, following market trends and the competitors is paramount. Hence, choosing the right techniques for a successful market research plan is even more important and this is where Torfac’s expertise comes into play. With extremely efficient market survey programming, category-leading sampling and reporting along with best-in-class data and project management services, Torfac leads by example as a strong house for all end-to-end Market Research solutions.