Victor Loukas has worked in market research for fifteen years, and he provides research and consulting services to a wide variety of companies in fields ranging from sports to technology and more. Many small businesses think that they can skimp on the cost of market research and still run a large ad campaign, but this is a huge misconception. Here’s why you need to invest in market research.
The most important reason to do market research is because it gets you in touch with your customers. You may think you know exactly what your target audience is and what they want from your business, but the only way to find out for sure is to conduct some sort of research, whether it be a simple customer survey or an in-depth focus group or scientific experiment. This research will provide you with insights about what the customer is truly looking for, which will help you to develop your strategy for connecting with the customer and increasing your business.
Market research is also crucial because it is the best way to stay informed of new trends among your target audience that haven’t become mainstream yet. These are important to pay attention to, because trends change so quickly that you might blink and miss them. If you have information about a trend before your competitors do, you can use it to your advantage. Ultimately, Victor Loukas has noted that consumers want to do business with brands that are genuine and care about their needs, and doing market research is the best way to achieve these things.
Victor Loukas 