Neil Cary from Surveygoo explains how market research can help your business to grow.

Market research is key to the success of any business. So what is it? Market research gives us a close insight into the exact needs and wants of our customers – it allows entrepreneurs to study and survey which products and services are worth having on or bringing to the market and which are not. The data and information collected from market research helps you and your business with future innovations while also helping to stay ahead of your competition.

Market research strategies are industry dependent: your needs will vary greatly depending on your business type. Market research does not have to be done on a large scale. There are now DIY methods available at a fraction of the cost. Although most business managers and owners understand the importance of market research, each year thousands of businesses close due to a lack of or no market research. Whether you’re starting a new business or simply expanding your current business, it’s imperative to keep market research within your ongoing marketing strategies.

Luckily for us, Surveygoo created the infographic below that reveals why market research is so significant as well as outlining how it can help your SME grow. Let’s take a look!