40% of business initiatives fail because of poor data quality. DesignRush reached out to experts to discover why businesses should prioritize market research in 2022.
Gartner reports that poor data quality is why 40% of business initiatives fail. Since good data quality matters in identifying opportunities and risks, organizations need proper market research to make informed decisions that are crucial to the success of their business endeavors.
DesignRush, a B2B marketplace connecting businesses with agencies, leveraged its 13,000-agencies-strong network for quick insights – or “QuickSights” – on the reasons businesses should prioritize market research in 2022.
1) TO DEVELOP DATA-DRIVEN STRATEGIES
In the opinion of Rumani Saikia Phukan, director and marketing head at MarketGenics, performing market research enables businesses to understand their target audience and develop strategies accordingly.
“It’s important to recognize that building a great product often doesn’t translate into a successful business,” said Phukan. “A common mistake most businesses make is not taking the time to understand the market or target audience. With market research, you can keep track of your target customers’ preferences, likes, dislikes, attitudes and buying behaviors. There is the need for data-driven decisions for improved marketing, sales and operations strategies for 2022.”
2) TO PERSONALIZE THE CUSTOMER JOURNEY
Survience Research and Consulting LLP’s Director and Managing Partner, Prajin Ravindran, shares the same insight and adds that market research also helps develop a personalized customer journey.
“Whether exploring a market, investigating pricing, launching a new product or [innovating] existing products, you cannot just shy [away from] research,” said Ravindran. “[Especially] in the wake of COVID-19 pandemic and its aftermath, [where] there is a whole new array of customer interactions to understand experience and behavior.”
3) TO FIND OBJECTIVE MARKETING SOLUTIONS
Terri Williams, a creative director, content writer and market researcher at PM Solutions, concludes the list by claiming that market research also helps businesses find solutions through unbiased data.”
“Good business relies on good market research,” said Williams. “[…Market] research [helps collect] unbiased data and [interpret] that data into information that can help solve marketing problems.”
DesignRush released the March list of the top market research companies that help organizations ensure data quality and make strategic decisions for a successful business:
1. PM Solutions – pmsagency.com
Expertise: Advertising, Branding, Content Marketing and more
2. Mindcircus – mindcircus.agency
Expertise: Digital Marketing, Social Media Marketing, Branding and more
3. JS-Interactive – js-interactive.com
Expertise: Digital Marketing, Web Design, SEO and more
4. MarketGenics – marketgenics.co
Expertise: Market Research, Product Concept Test, Brand Equity Research and more
5. Survience Research and Consulting LLP – survience.com
Expertise: Market Research, Consulting, Expert Networking and more
6. Something About Marketing – somethingaboutmarketing.com
Expertise: Social Media Marketing, Advertising, Website Design and more
7. Vision One – visionone.co.uk
Expertise: Advertising Research, Brand Research, Social Research and more
Brands can explore the top market research companies by location, size, average hourly rate and portfolio on DesignRush.
DesignRush.com is a B2B marketplace connecting businesses with agencies through expert reviews and agency ranking lists, awards, knowledge resources and personalized agency recommendations for vetted projects.
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