To be successful in business you need to know who your customers are, what they need and how to reach them. Thanks to market research, you can gather exact and specific information about your customers and competitors, which is crucial when you want to open a new business or expand an existing one (source: InfoEntrepreneurs).
Why conduct or commission market research?
Changing economic conditions, demographic changes, new regulations and technological developments are all influencing the world we live in. The economic set, and therefore supply and demand, are also constantly changing.
In this respect, market research is an indispensable tool for:
- better understand the characteristics and needs of their customers;
- identify opportunities to increase sales and grow one's business;
- Keeping one's competitors under control;
- reduce the risk factor in making investment and management decisions;
- develop and complete their business plan.
How much is the market research sector worth?
Market research revenues (US dollars) in 2018 amounted to $47 billion; $15 billion more than in 2008. Currently, the United States of America is the nation that invests the most in market research, accounting for 45% of global market research revenues.
What about market research in Italy? Italy ranks seventh (source: PXR Italy) in the world for revenues in the market research sector, surpassed only by the USA, the UK, Germany, France, China and Japan; Italy has total revenues of 605 million euros (compared to 20 billion dollars in the USA).
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