There is more to Market Research in terms of Qualified Leads and Revenue Generation
I was accumulating facts about marketing industry and when I came across a perplexing term called ‘Market Research’. My initial thought was restricted to target market but when I researched, there was a deep understanding attached to the term. As claimed by marketing experts, the definition goes like, ‘the manner of assembling facts about a target market or a target audience needed for generating qualified leads and revenue is termed as Market Research’.
On primary level, this term seems quite simple but the question is, ‘How is it related to generating qualified leads and increasing revenue?’. So, I did my market research to gather an in-depth understanding about the same.
Basically, market research is not a task of a day or so but it requires a lot of time and planning which makes it an important component of business strategy and decision making. The global revenue of market research industry is more than 45 billion US dollars which is an astonishing fact.
Market research helps in knowing your market, following the trends and determine strategic priorities for your brand and market. Having proper knowledge of the market gives you an advertising and marketing initiative to focus on specific audience and content.
There are a few factors that need to be considered for productive target market research –
1) Identify Target Market
Identifying target market includes figuring out market size with respect to number of consumers, market segmentation based on personality, gender and geographic location, age group to which respondents belong and so forth. Targeting specific people will not only save your time but also give better leads.
2) Identify Competitors
It includes identifying sales revenue from existing products or services, prevailing demand and supply situation in the market. The market research should be in such an extent to stay ahead of the crowd. Delivering latest up-to-date information to clients gives them an edge over their competition and grow rapidly in the market.
3) Identify Prospect’s Interests, Budgets & Future Plans
Understanding the specific needs and behavior of the prospect helps the organization to change their product and services or even develop new products and services. Targeting the right brand as per the budget of prospect enhances lead scoring.
4) Identify Untapped Market Opportunities
With predictive intelligence and AI entering the industry, there will be tremendous market opportunities. Identifying the opportunity that suits your business is a challenging task but if accomplished in a fruitful way, will provide captivating results.
Businesses that have performed well over the years undertake market research to not only stay ahead in the competition but also to not let go of their established place in the market against the competitors. For any organization, undertaking market research is crucial to increase the profit earned and ROI to increase the overall business growth and success. Incorporating these elements will simply increase your revenue with the aid of generating qualified leads.