Whether you’re bringing a product or service to life or simply keeping on top of the trends in the market, market research is a vital step to effectively gain key insights into your consumers and competition.

We now live in a world where opinions are louder than ever. From Facebook to newspapers, protests to boycotts, we live in a society dominated by opinions. Yet why is it so difficult to gain relevant market research related to a specific niche or business?

Here, in ROMA Survey’s very first blog post, we have written 3 key reasons as to why market research is so important.

1. Knowing how your competitors work

It is one thing knowing who your competitors are but actually understanding first-hand if your competitors have a competitive advantage and how, is something else. Why, may you ask, is this information important? Can I not access this information via the internet? By creating your own questions targeted for a specific answer, this will allow for well answered questions that will provide you with the answers you need to create well-informed future business decisions.

By having a working knowledge of how your competitors think and act, alongside knowing their strengths and weaknesses (from viewpoint of a consumer), you will not only understand how to work alongside them in the market whilst being ahead, but maybe even potentially see how they will react to your entrance or re-emergence into the market.

Understanding how your competitors work and being able to stay one step ahead (with the help of market research) is vital for your business.

How ROMA Surveys can help out

By asking the right questions through your survey, you can find out quickly and effectively who your competition is, how you match up against them and what are people’s opinions on them. Moreover, by having a 2-minute survey time limit this allows users to answer questions honestly. Unlike with other survey sites, short time limits mean users won’t feel the need to rush through the survey questions in order to receive their financial reward. The world revolves around data - why not make it interesting?!

2.     Understanding your customers and their needs

Let’s face it - without customers your business wouldn’t be able to function. Knowing your customers’ needs, their demographics and general information that impacts their buying choices allows you to meet and exceed your customers’ expectations and understand your customers’ needs better than your competition.

Having up-to-date information on your customers’ demographics and buying choices allows you to conceptualise their needs in order to create an effective business model that bears these factors in mind.

Let me paint a picture.

Two companies emerge into an overcrowded market.  

Company A launches as planned and waits for customers to show up, with a little help of paid advertising of course. Company B on the other hand, puts one foot out to test the water by conducting market research. They ask all the right questions – who is their target market, does their target market need their product in the first place, is their product better than their competition? They then make changes accordingly and then finally, they’re ready to launch.

Which one do you think does better?

How ROMA Surveys can help out

From the moment a user completes their ROMA Surveys profile, they are given a set of choices allowing them to choose the companies they are interested in. By allowing them to filter categories in accordance to their own preference and taste, users are now able to answer questions that are truly of interest to them, meaning the answers to your surveys will be truly genuine. Not only will your surveys be straight to the point in a timely fashion, but they’ll be explicitly relevant.

Market conditions aren’t going to stay the same forever!

3. GROWTH

After a certain point in running your business, you may get to a stage where you feel the need to change things up a little. Market conditions aren’t going to stay the same forever!

By working out a growth strategy i.e. a plan to conquer or plan any changes in the market, you will be able to predict any problems before they occur, allowing you to be one step (or two!) ahead of the game. Through the operative use of carrying out frequent market research, not only will you reduce the risk of your business going out of business anytime soon, you will avoid the costly mistake of reacting late to the evolvement of the market.

How ROMA Surveys can help out

Here at ROMA Surveys, we only charge you £1 per survey. Therefore, if you want 200 answers, that’s only £200! This means keeping up to date with market research is cheap and simple!

Compared to every other survey site on the market, we don’t only compete on price. Unlike other survey sites, we also generate leads to your website through the use of advertising through relevant businesses. Don’t believe us? Click on the link below to find out more

Published on:

Friday, April 6, 2018