Market research is critical for making sound business decisions. But don’t take it from us — we asked a variety of business professionals, entrepreneurs, and consultants from different industries to answer the question, “Why does market research matter?”

Here, we’ve gathered their real-world insights to illustrate the benefits high-quality market research can provide for all types of businesses. Read on to learn more. 

With the markets in flux, anxiety about the global economy is kicking into high gear. The Chinese stock market plunged on Monday, setting off a roller-coaster ride of volatility throughout the week. Investor confidence fell, and Wall Street dropped for six straight days — the longest losing stretch for more than three years.

Since June 12, the Shanghai composite index has slumped 38 percent, and investors are becoming increasingly concerned about China’s economic slowdown and the larger ripple effects that could extend into the global economy.

How should you react in such a turbulent environment? Here are guiding principles to keep in mind.

What’s a simple, easy way to keep employees happy and productive? You guessed it — coffee.

Citing its performance-improving qualities, low cost, and ability to boost morale, Business Insider listed coffee as the one perk employers must splurge on.

How satisfied are your customers? The answer to this question is critical for the long-term health of your business.

According to The Harvard Business Review, increasing customer retention rates by 5 percent can increase profits by 25 to 95 percent.

Strong customer loyalty can dramatically lower costs and increase profits, but ensuring a positive customer experience is a challenge for many organizations.

It is easy to categorize wearables in the enterprise as simply a variation or next step in Bring Your Own Technology (BYOD), but in reality it is a bit more complicated. While clearly enterprise wearables and BYOD overlap, wearable is a distinct category with its own dynamics and should be thought of differently from non-wearable BYOD.

By its very nature, a start-up venture has no customers, no visibility into the market, and no brand awareness. To get these things, you need to invest some of your start-up funds into marketing which includes branding, advertising, and market research.

You’ve probably heard that the National Retail Federation (NRF) has downgraded their retail sales forecast from 2015, from 4.1% increase to only 3.5% over 2014.  As a trade association for the retail industry, I don’t put too much stock into what they say, knowing that they want to, have to, put a positive spin on whatever they report, as Mark Twain said, “There are lies, damn lies and statistics.”  So the news of a downward adjustment of a forecast from the NRF is particularly notable, since the reality is probably much worse that they are likely to report.

The cornerstone of any marketing strategy is a solid understanding of what customers truly value and need, then creating and delivering a compelling message showing how your offering delivers measurable value in addressing those needs. 

A number of different industries have begun to focus their attention on the millennial generation in the past few years, which includes market research. As new millennial students enter the workforce, it’s crucial to understand how the millennial market researcher is conducting their research and where they are looking for the information they need.

Market research isn’t just a necessity for companies to make their business decisions, it’s also a crucial process during government acquisitions. For the U.S. government, market research is required to gather preliminary information needed for acquisition of commercial items.