Why Is Market Research Important for Companies Today?

Purpose of market researchMarket research can be a significant investment, but it’s one that many successful companies choose to make again and again.

Why is market research important, and how does it help companies make better business decisions?

Several analysts at The Freedonia Group, a division of MarketResearch.com, tackle these questions and explain the “job” market research performs for clients across a spectrum of industries. Read their insights below.

Gabe Kaufman “Market analysis is essential because without it, firms would be flying blind and attempting to navigate a competitive terrain with little to no foresight. It is difficult to decide whether or not to expand, contract, go public, or acquire a new firm if you cannot know the size and trend of the markets in which you operate.”

— Gabe Kaufman, Research Analyst

Gleb Mytko“Most industries today are truly global. For any company to be competitive, they must have access to high-quality, reliable market research, which can guide everything from investments to product development. Understanding the competitive environment of a given industry and its growth potential allows companies to develop strong short-term and long-term growth strategies."

— Gleb Mytko, Global Industry Analyst

Iorillo“A lot of industries and markets are maturing, and market research can help identify possible future growth areas, highlight potentially disruptive trends, and showcase important product innovations and research among an industry’s key competitors.”

— Joe Iorillo, Corporate Analyst

Kyle Peters - 4“Our studies take a look at the industry overall and project what we expect future growth to be in an unbiased way. It’s important to know that just because one company is growing or shrinking doesn’t mean that the whole industry is following that same path. By taking advantage of market research, companies can compare their own growth to that of the industry, as well as get a better understanding of ways they can improve or see what improvements their competitors have made.”

— Kyle Peters, Manager, Equipment & Components Group

Find Out More

The quotes above show the perspective of industry analysts who produce market research, but what do professionals who use market research think? How would they describe the benefits of market research? 

Our white paper "Finding Business Opportunities: The Importance of Market Research" shares viewpoints from a variety of Fortune 500 companies that use syndicated research to gain a competitive edge and drive business growth.

Download the white paper today to get an inside look at how experienced professionals leverage third-party research to better understand their customers and identify market opportunities.

Finding Business Opportunities: The Importance of Market Research

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Topics: Market Research Strategy