Author: Jenna Hole
It might be tempting for many businesses to overlook the importance of market research, especially since it can often seem like a complex and expensive task. However, it has been repeatedly proven that the companies that use market research to understand their competitors, consumers and market trends are more successful. In short, market research can make or break a business. That’s why ROMA surveys can be considered a powerful weapon; gathering information that will enable businesses to make better informed decisions and develop tactical business strategies that will leave your competitors trailing behind.
Here are 3 key ways that ROMA surveys can help with your market research...
1. Competitors: Better the devil you know…
It’s now a widely known rule that businesses that understand their competitors stay ahead in the game. Using primary market research tailored to your business and the market you’re interacting with, you can identify your competitors and assess the competition within the market. It might seem obvious but understanding your competition can help you develop better business strategies to keep you ahead of rivals. By finding out how your competitors operate and how the customers respond to them, you can mould your own business plan based on their strengths. Furthermore, identifying their weaknesses will enable you to exploit gaps in the market and thereby increase your own customer base! Having a working knowledge of how your competitors think and act is vital for your business.
The easy to use format of ROMA surveys means you can customise surveys to your liking. Asking the right questions will yield useful information about your competitors quickly and effectively. Finding out how you compare with your competitors using information gained via ROMA surveys is a priceless tool when tracking your position within the market. Moreover, the 2-minute survey time limit maintains users’ attention leading to well thought out responses unmotivated by financial reward and hence, more accurate research. The world revolves around data - why not make it interesting?!
Businesses that understand their competitors stay ahead in the game
2. Understanding your customers
Having a successful business comes from knowing your customers inside out, and what is the best way to get to know your customers? Market research. A customer base can be varied and as a business, you need to figure out who will be buying your product. It’s important to keep on top of the demographics of your customer base, their needs and expectations as well as their frustrations and preferences. Gaining accurate information about your customers and their buying choices will enable you to develop new and more innovative ways to sell or improve your product and who knows, maybe even create a new one. The more you know about your customers, the better you’ll be able to respond to their needs, create effective business models and exceed your competitors.
With ROMA surveys, you can always be sure of obtaining data from relevant participants. From the moment a user completes their ROMA Surveys profile, they are given a set of choices allowing them to select the companies pertinent to them. By allowing them to filter categories in accordance with their own preference and taste, users are able to answer questions that are truly of interest to them. This system means the answers to your surveys will not only be genuine, but they’ll also be explicitly relevant.
3. Growth: let it grow, let it grow, let it grow.
Frequent market research allows you to not only firmly plant your business within the market but also develop better informed strategies and make the best tactical decisions to grow your business. Indeed, by understanding current trends you will be more likely to identify limitations before they happen, avoiding potentially very expensive pitfalls whilst being able to look for areas of possible growth. Understanding the market also has a vital role in enabling businesses to set achievable goals for growth, sales and product development – frequent market research is vital for keeping your business on track and flourishing even with ever changing market conditions.
So, you know that frequent market research is important, but did you know that it doesn’t have to be expensive? Here at ROMA surveys, we charge only £1 per survey, allowing you to get huge samples of data and keep up to date with the market without blowing the budget. 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 relevant advertising.
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Published on: January 2019
Friday, April 6, 2018