If You Want to Run Business Smoothly, Why is Market Research Necessary?

The Covid-19 pandemic has affected Indonesia’s economic growth significantly. But on the other hand, there are also many who try their luck as business owners! Of course, this will increase business competition because business owners will compete to win the customers’ attention.

 

To be able to stand out compared to competitors, of course, you must be able to provide products and services that meet customer needs. Now, to help us find out what our customers tend to do, we need to do market research. Through market research, you can find information about problems that customers have and how to solve these problems.

 

Meanwhile, market research itself is needed both when you are just starting a business or when you are running a business. When you are just starting to sell, market research will certainly help you to determine which business opportunities are in accordance with the funding and the needs of customers. Doing market research when you have opened a business helps you to assess how effectively you are managing your business. In general, there are four objectives that you can use when doing market research, namely:

 

1. Evaluation material

The results of the market research that you do can be useful as an evaluation material for the marketing strategies that you have implemented. Through this evaluation, you can also look back on how you introduced your brand. Besides that, you can also compare it with competitors. When using market research as an evaluation, you can also look for solutions to problems that have been emerging in business.

 

2. Get to know your customer

Apart from evaluating, doing market research can also help you to understand your customers. Of course, customer propensity is one of the important factors that you need to consider as a seller. If you can understand customers by knowing what their problems are and what they need, the products and services you provide can be an effective solution for them.

 

3. Make predictions

Finding out what customers tend to do will not only make you understand them better, but also help you predict customer behavior. Even though the results of this prediction are uncertain, you can use them as a reference for preparing new marketing strategies. In addition, the predictions you make can also be used as a reference to reach new consumers!

 

4. Monitoring business progress

Market research conducted by business actors can also be a reference for controlling business processes. Through this research, business actors will look at trends in business activities that are being carried out, for example, such as what types of products are popular among customers, how influential the promotions are, and which consumer categories are your customers.

 

Before making observations of customers, you first need to determine in advance what your purpose is to do your research and what is the procedure. After that, you can start collecting data, both from customers and from information contained in books, the internet, magazines, and other literary sources. From this data, begin to interpret, analyze, and draw conclusions.

 

Running a business without doing market research can be likened to walking without specifying a direction. However, what if you don’t have much time to do market research? Don’t worry, not all market research takes a long time, especially if you use Cashlez’s Integrated Business Solutions! Through the Cashlez merchant dashboard, you can directly see which types of products were sold the most. So it’s getting simpler, right?