What if your existing customer left you? Or if your stock price fell? Or if your sales dropped significantly? Little did you know; market research can help you to prevent and recover from these crises.
Market research provides a wealth of information about prospective and existing customers, the competition, and the industry in general. It allows businesses to determine the feasibility of a business before joining the market. It provides relevant data to help solve marketing challenges that a business will most likely face, market segmentation strategy, as well as product differentiation strategy. For products and services already available, market research can tell companies whether they are meeting their customers’ needs and expectations.
A good market research plan indicates where and who your customers are. It will also tell you when they are most likely and willing to purchase your products or use your services. That’s why it’s important to conduct market research with the right method. Market research done poorly can steer a business to the wrong direction, or worse, long-term crisis.
Related to crisis management, the data analysis gained from a market research can help you identify the most vulnerable area in your business. So, it can help you anticipate or at least reduce the risks that would arise from a disaster the major crisis effect. Having rich and credible market research data can help you prepare for potential crisis by providing a strategic approach on how to respond and recover from crisis.
In order to get a deeper understanding about market research, on Friday, April 28th 2017, Muhammad Arif as the PR Consultant of Fortune PR presented a very detailed training about how a market research can be used as a milestone for crisis management. Besides explaining about the basics of market research, Arif also shared his professional consulting experiences on his previous clients.