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The Importance of Market Research for Your Small Business

1 minute Read

market-researchHave you ever wondered why salmon and other fish swim upstream? They could simply float downstream like the rest of the river population, but they choose to fight their way through the rapids. The same is true for your business. You could choose to rely on the marketing you’ve always done, or you could fight to learn a better strategy, one that produces better results.

Upstream marketing is the process of identifying and fulfilling your customer’s needs. It looks at how your customers will use your products and the competitive advantage you need to win them over. Without upstream marketing, you could be missing out on the knowledge that is key to growing your company.

The crucial step in upstream marketing involves using a marketing research association as a resource. For restaurants, that association is the National Restaurant Association (NRA). The NRA is the largest foodservice trade association in the world, as it supports over 500,000 restaurant businesses. Another example is the Automotive Service Association (ASA) for the automotive industry. They provide the tools you need, like networking, education and research resources, so you have everything you need for success and growth.

What is marketing research?

You can’t run a successful business without knowing about your customers, your competitors and your industry. You need market research to help you identify what’s in demand and how you can keep up with your competitors. Market research helps you reduce business risks, foresee trends or upcoming problems, and find sales opportunities.

Why should you get involved?

Trade groups like the NRA and the ASA commit to helping their members, from protecting their finances to sharing tips and trends. As the industry’s most authoritative source for projections and trends, you can rely on these organizations to provide you with the information you need. Market research puts your customers at the center of your business, which keeps you focused on what’s important.

What else is there to know?

Market research also allows you to take advantage of potential growth opportunities. Of course you want to grow your business, but you may not be sure about the right path to take. Market research helps you compare your options and prioritize which ideas are best.

Don’t let the current of your competition take you downstream. Think like a salmon and fight to keep your business alive and thriving.

 

Photo credit: Rawpixel.com/shutterstock.com

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