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How Market Research Can Help You Make Better Decisions

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Some Common Research Mistakes Businesses Make

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Relying on the Interest

Some business owners may think that they don’t need market research and they can find free data on the internet. While the internet is a good starting point, it may not give you all the information that you need for your unique business. In addition, information may be incomplete or outdated, making it unsuitable to use when making important business decisions.

Surveying Your Personal Network

Talking to your friends, family, and colleagues is a great starting point when looking to improve your business but your efforts should not stop there. To have truly meaningful and useful insights, you have to know and understand the opinions of sales prospects, customers, suppliers and stakeholders.

Heavily Relying On Anecdotal Feedback

Many businesses receive feedback from clients and other stakeholders but that is not enough. In order to have accurate business insights, they have to be collected in a systematic manner.

Consultations

Active Clients

Written Articles

Cups of Coffee

How Can You Gather Insights About Your Business?

Look at Your Internal Information Sources

Within your business, there may be several unused resources that can provide valuable insights. Talk to your sales team and other front-line employees. The things you learn from them will give you an insight into the competition, customer’s reaction to your new/old products, as well as new markets you could tap into. While the information you gain from them might be subjective, regular employee feedback that is collected systematically will paint a picture over time that you can utilize to better position your business in the marketplace.

Don’t Forget About Secondary Market Research

Your market research plan should begin with published information. Data from secondary research will provide you with an overview of different market opportunities. They will usually consist of previously collected consumer demographics, and industry trends among other factors. Previously published information will give you the context that you need to create a profile of your market and industry, which you will need in order to create an effective business plan.  

Digiguard provides state-of-the-art solutions to keep your information protected

We are a trusted company with the power to bring online scams to light to keep everybody protected. Our dedicated team scours hundreds of online businesses every month to check their validity and reports all fraudulent businesses we find as spam.

Testimonials & Featured Clients

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Jhon Smith, CEO @ Labib Digital Studio

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Jhon Smith, CEO @ Labib Digital Studio

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Thomson Polan, CEO @ Caramal Digital Studio

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