With the economy becoming more and more competitive with each passing day, having apt knowledge about the concerns and preferences of your customers has become integral for any business. Waiting too long to make crucial business decisions can lead to a company missing out on opportunities. Moreover, failing to develop a marketing plan can result in budget problems, low customer volume and, in a worst-case scenario, the closure of a business. Hence, don’t you think, when fluctuations in the market affect your business in a negative way, you have to pivot your business model somehow? If yes, market research services are the best way to increase customer experience, understand the factors that influence your business, and to elevate your performance. Market research services provide detailed insights into the competitors, understand customers’ pain points, latest market trends, consumer buying patterns, economic shifts, and demographics. That’s why smart business owners never underestimate market research services and leverage it to formulate effective strategies.
If you want to keep up with the latest market trends and gain a competitive edge in the business market, understanding market research and utilizing it to your advantage is vital in reaching out to your target audience and increasing your sales.
Infiniti’s market research services have helped companies gain vital information about the competitors, economic shifts, demographics, current market trends and spending traits of the customers. We have listed up some of the recent success stories and have also highlighted ways in which market research services have helped businesses to become market leaders.
#1: Why market research is vital for business success?: Today’s buyers hold all of the power when performing a purchasing decision. Thus, have you really adapted your marketing plan to match the way today’s customers’ shop? Well, even if you think you know your customers pretty well, performing market research study will likely uncover new channels and messaging tips to help improve your interactions. Whether you’re a newbie or experienced, this guide will help you figure out why your business needs market research services and give you a blueprint for conducting thorough market research.
3 Reasons Why Market Research Services are Crucial for Businesses
#2: Market research services to identify the potential customer and strengthen market position: The more clarity you have for your “specific” audience, the more likely you are to have a profitable and impactful business. But if your understanding of your customers’ problems is weak or unclear, you will continue to struggle regardless of your strategy. This was the case with a consumer electronics manufacturer in the US. Hence, they approached Infiniti to leverage market research services. Infiniti’s market research services helped the client improve their products as well as identify upsell opportunities with existing customers.
How Infiniti’s Market Research Services Helped a Consumer Electronics Manufacturer to Strengthen their Market Position in the US
#3: Why market research services leads any business decision?: Businesses always have an element of risk and business decisions are tougher than they seem. Being a business owner, you can never be completely sure whether a particular decision can yield profit or loss to the company. In such situations, successful businesses prefer to do market research before making any critical decision. Similarly, an agrochemical firm consulted Infiniti to acquire an early and sustainable competitive advantage before concept development and new product build-out. Infiniti’s market research services helped the client understand the market curve and stay ahead of its competitors, which helped save $13 million, annually.
Market Research : Helping an Agrochemical Industry Firm to Understand Customer Behavior and Establish Ongoing Trends
#4: How market research services benefits players in the pharmaceutical industry?: The slow-down in growth in the pharma industry over the last few years, as current medicines reach saturation levels, has highlighted the need for the industry to both invest in new drug development and better understand and counteract falling drug sales in emerging markets. Hence, a pharmaceutical manufacturer wanted to identify the market potential for new drugs and pinpoint what is impacting their sales. By partnering with Infiniti Research, the client was able to improve their brand visibility in the competitive market as well as increase their reach to a broader customer base, which subsequently improved the customer experience and enhanced company’s profit margin with market research services.
Pharmaceutical Industry Market Research Engagement – An Infiniti Research Success Story
#5: Why market research is instrumental in the healthcare industry?: As the healthcare industry becomes more specialized, streamlined, and consolidated, companies are increasingly looking for ways to improve service and add tailored-products. Are you also the one looking to win the trust of your target audience? If yes, then definitely have a look at our latest blog on why healthcare companies need market research services in understanding and interpreting an increasingly complex world and thereby developing a successful business plan.
Why Market Research is Instrumental in the Healthcare Industry