For example do you want to grow

The without market research you wont be able to know if your goal is achievable and how to achieve it in the first place. You might say that you want to double sales by the end of the next quarter. How would you know if this goal is feasible if you dont know whether the size of your target market is more than twice the size of your current customer base Without knowing the current size of your potential market youll just be setting arbitrary goals. With market research youll be able to determine the specific directions you want.

To grow your customer base

Your customers via a new untapped market segment Or do you still have room for growth among your current target audience If you need help Philippines WhatsApp Number List setting growth goals for your business the following tutorials can help How to Plan an Effective Small Business Growth Strategy Andrew Blackman Feb How to Set Effective Goals for Your Freelance Business Andrew Blackman Sep . DecisionMaking Becomes Simple The need for and importance of marketing research frequently comes up when making tough business decisions.

Instead of having arbitrary

Criteria for the decisions you make as a business owner you can always go back to your market research report. Based on that report will this Mexico Telegram Number List decision lead to more customers Will you be able to reach more people who are likely to buy from you Will it be clear to them that your business can meet their needs While not all decisions should be solved by market research many of them can be such as where to spend your advertising or marketing budget whether theres a demand for a new product you want to make if you should open a storefront in a new location which products to discontinue and which ones to merely improve how to price all your offers.