The role of market research in business is essential. It provides a company with an awareness of potential customer needs and preferences. Market research matters as it gives companies the means to adjust products or services in such a manner that sales will rise.
Political polling is similar in manner to market research for business. Both exist to gather information, and weigh potential outcomes, but for somewhat different reasons. Let’s take a look at the overall importance of market research in the interest of improving the services of both sectors.
A Tool for Surviving Troubled Times
The Boss Magazine details the need for continuing to make your business the best it can be in order to thrive during and beyond COVID-19. Adaptability is of primary importance and the best way to adapt responsibly is to have all the information necessary to the making of wise decisions. Market research has always been important but never more so than now, whether a business is a brave startup struggling to survive the pandemic, or well-established.
Let’s not forget the massive uptick in Political polls either. This being a highly intense election year, they are also of never before seen interest.
When Launching a Business – Market Research Comes First
The impulse when one opens a business is to immediately begin mass manufacturing, ordering of products, or advertising professional services in the hope customers will make purchases. But such an approach is inefficient, without proper preparation, usually resulting in a waste of time and resources. Companies need to know precisely what their target customers want, in order to provide offerings that will bring significant sales.
This holds true for small enterprises started on a shoestring budget. Strong sales early on are key to keeping these businesses from failing before they have a chance to build a large customer base.
Must all Market Research Follow a Formal Procedure?
Simple conversations and social media contacts with members of the public who may be interested in what you plan to offer can bring key insights. It’s how your company handles the data. Calculating and processing responses to come up with a consensus is important in deciding how to proceed with product design or featured merchandise or services.
Surveys and Focus Groups
These are two key ways to gather information. Not sure how to organize and process survey information? Unfamiliar with how to most efficiently form and work with a focus group? Investing in surveys and other market research services conducted by companies that exist for such a purpose can be money well spent. Such services can pay for themselves with customers gained via focused efforts.
What, Specifically, Does Market Research Provide?
Information for Sales and Marketing Decisions
Market research lets you know what your target market wants. This perk of the science can’t be stressed enough for those with fledgling businesses, since the Bureau of Labor Statistics tells us that about half of startups with employees don’t make it past the first five years in business.
It also helps companies develop and appropriately adjust, when necessary, their brand image. Branding is essential to developing a loyal following. But sometimes imaging does need a bit of adjusting as times change. By following customer opinions regarding your brand image, you can maintain your customer base, while learning how you might attract new interest.
Market research helps businesses hone in on designated target markets; to find out for certain who is buying what they’re selling. It may not be just the people to whom ads are currently directed. Continually evaluating the focus of marketing campaigns keeps efforts on target.
Frequent gathering of customer input helps determine what is or is not working when it comes to:
- What a business is offering
- How service is provided
- Lastly, how merchandise or service is promoted
Realize Cost Savings Via Market Research
The more information a business can collect regarding preferences of the public and the habits of people who purchase certain products, the less money they will spend on production of products or purchase of inventory with low appeal.
Spend advertising budgets in ways that bring the greatest return on investment (ROI).
3 Key Reasons Why Market Research Matters
Quality market research promotes business success because it accomplishes these three key goals:
- Reduces startup risk by helping businesses provide what people want.
- Grows businesses by continually evaluating customer habits and preferences, in order to maintain current customer loyalty and increase the customer base, thus realizing greater profits.
- Saves money on advertising by helping businesses direct ads to those most likely to purchase their products or services.
Market research, conducted by people well-versed in the gathering and processing of the most pertinent information, makes a business as efficient and profitable as it could possibly be.
The Principle of Market Research Matters in Political Polling
The basic reason for conducting a traditional political poll, which is normally shared with the public, is to predict the outcome of an election.
Businesses and market research firms conduct polls in order to gather information needed for informed, complex decisions about how to conduct sales and marketing activities in order to achieve the greatest ROI. The results are not public.
In spite of the differences in their stated intentions, political polling, and market research for businesses share similar goals.
Political pollsters predict election outcomes within a very narrow margin of error. Indeed, the future prospects for businesses are held in the hands of market researchers. Each scientific professional’s categories are held to a high standard.
Also, some politicians commission their own private polls to determine how their constituents stand on certain issues. The assumed reason would be to help them better serve the people who put them in office. But if acted upon, the information also provides the candidate with the means to attract followers and earn future votes. Thus, this practice mirrors a business’ commissioning of a market research program to offer customers what they want, in return for their patronage.
Increasing Use of Market Research in Politics
Political campaign strategists recognize successful market research methods for businesses. Consultants have made many valuable contributions when advising politicians. Utilizing all the technological means of analyzing the why of voter choices, the available traits, and demographics, all the aspects of each individual who responds to every survey is now guiding the direction of many campaigns. Focus groups provide sources of information too.
And simply predicting which candidate wins is becoming more and more important. The public doesn’t pay a great deal of attention to small margins of error. Whether a candidate won or lost is what counts to them.
Opinions on elections vary greatly. However, there is one certainty. Whether or not pollsters correctly predict the winner of the next one, market research will continue to matter.
Learn More About Market Research in Business and Politics
Precision Opinion has grown over the years thanks to the un-impeachable accuracy of our surveys. We use the power of the web and the latest technologies to bring comprehensive, useful information into the palm of our client’s hands, for the betterment of their organization. Contact us to learn how our services can deliver the information you’re seeking in order to confidently face the future.