Competition in the business world, especially during a pandemic like it's getting tougher now. Not a few businesses had to give up on the situation to finally close the business.
On the other hand, pandemic creates new business opportunities, especially those who take advantage of digital platforms. To build a business can not only depend on the opportunities that exist, but more than that.
One of the main keys that prospective business actors must do before building or expanding a business line is to do good and appropriate market research.
Then, what are the actual functions or benefits of market research so it is important to do it before starting a business, Taris Adani summarizes it into five main points.
1. Get to know the character of the target market more deeply
The first function of market research is to find out more about the character of consumers who are the target market of the product.
"By getting to know the character of the consumer, the company will know what the market wants so that it can provide appropriate services and products.". Not only that, Knowing the character of consumers and target markets also serves to help business actors or companies find the right location to run their business,"Said Taris Adani, as Head of Business: Market Research & Crowdsourcing Marketing Side.
2. Analyzing the Strategies of Competitors
The high competition in today's business world, make it important for business actors to know what competitors are doing in their business. This can determine the strategy or attitude that we must take in running the business.
Market research is carried out in order to study and analyze what strategies are used by competitors in selling their products.
Thus, business actors can develop strategies that are better than their competitors, so that the potential and opportunity to win the competition becomes greater.
3. Knowing Market Needs and Demands
How can business actors or companies be sure that their products are truly accepted and in accordance with consumer demands and needs?? The way to find out is through market research.
By doing research on the market according to the target, then business actors can find out what consumers need in large enough quantities.
This will be an opportunity for the company to increase turnover and profits. "Therefore, we at Side always conduct market research before launching a new service or product. Not only that, we also have market research services that can be used by business actors in formulating company strategies,”Said Taris.
4. Looking for New Opportunities
Doing market research can increase the opportunity to get a bigger turnover and profit.
Taris said that this new opportunity is not only limited to the local market but also the possibility of developing markets to other regions and abroad..
“As long as the market needs and demands from consumers obtained based on market research exist, the company has new opportunities and opportunities in various places,"He added.
5. Overcoming Obstacles and Risks
In any business, there are bound to be obstacles and risks and that is what must be considered from the start before starting a business. Companies or businesses that have carefully calculated what obstacles and risks they might face will be better able to survive.
Various kinds of risks and obstacles that may arise when the business is running can be identified by conducting market research.
For example, the obstacle to getting the best vendor, risk of damage to goods and so on. Armed with data obtained from market research, anticipatory actions can be prepared.
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