Boosting your business through market research

2010-06-11
THE PUNCH Newspaper- Ime Umoren

Ms Kokoma Edidiongabasii, a businesswoman who deals in textiles, says her business suffered a low turnover during its first year of establishment due to lack of knowledge about the business.



She says many new businesses close down before or after a year because their owners fail to conduct necessary research before venturing into them.



Edidiongabasi, however, says she has learnt her lesson the hard way. She now operates a cosmetics business.



Before going into the business, she had to do an extensive research work on the job and came up with a detailed feasibility study.



The founder of techtrendsng.com, Mr. Kenneth Omeruo, attributes the failure of many fresh businesses to poor feasible study or inability to prepare the document, which should serve as a business guide.



He also says, ”For many reasons, market research is very important. First and foremost, you need to know whether it is a viable business for your kind of person and if the capital is something you can afford.”



Omeruo says that for companies to grow steadily, they need to identify their strong and weak points which in turn will help them to plan.



He notes that organisations thrive on innovation and therefore urge that them to seek to know what affects them regularly.



According to the Managing Director, Infinite Insight Limited, Mr. Tosin Ogunkunle, ”It is of special importance in the field of marketing where companies keep an eagle eye on competitors and customers in order to keep pace with modern trends and analyse the needs, demands and desires of their customers.”



According to him, research is important to the business as the level of competition, production processes and methods are rapidly increasing.



Ogunkunle adds, ”Businesses need the ability to transform themselves in keeping up with the incredible speed of the markets and that of innovation. The inability of a firm to innovate will undoubtedly compromise its competitiveness.”



Edidionabasi says it is important to know the competitions and what they are offering as this has helped her to know how to get her market share.



Ogunkunle also argues that identifying the current and potential customers and how they perceive different things is vital to any organisation‘s development.



He stressed that market research will help minimise resources, reputation and business performance risks by improving the overall usability of a system.



He says that market analysis will affect your business and influence your decisions regarding the business and its new product. He notes that your thoughts and feelings about the product may not be shared by the market.



Omeruo also adds, ”The primary reason that you need to research your market is human emotions.”



Ogunkunle and Omeruo agree that there are many reasons understanding market is helpful to businesses. And if you pay close attention to this research and use it right, your business will not suffer the misfortune of being closed prematurely



Adopting the strategy, they say, will specifically give you a better understanding of the business‘ direction and allow you to increase your profits.



Omeruo believes that no one expects to shut down operations when you are doing well.



So to allow your business grow as desired, you need to conduct market research in the most effective way and also take your time to understand various market research types available as this will determine your success.



He also says every business has its market share no matter how little. And to get more money for your business, you will need to know how to boost your market share and stay in business.



One other reason for the market research is to find out what product or service the competitors is offering.



Knowing what the competitors are offering and the cost will enable you put a better price on the product or service you want to provide, the experts say.



Omeruo adds that an excellent market research will review purchasing patterns together with consumer demographics.



Edidiongabasi says that she is excelling in her new business because she has good information on what operates there.



Furthermore, she says it is necessary to know the different regulatory bodies associated with the business as well as the environment where you want to locate the business.



 

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