Market research is really important when launching new products today. Here are some key reasons why:
Knowing Your Customers: Surveys show that 70% of people are more likely to buy a product if the brand knows what they want.
Reducing Risks: Around 45% of new products fail because there wasn’t enough research done. This highlights how important it is to learn about the market to avoid problems.
Spotting Trends: Keeping an eye on trends can boost a product’s chance of success by 35%. This helps businesses change with what people want.
Learning from Competitors: About 60% of businesses say their success comes from understanding what other companies are doing through research.
By using these important insights, companies can make better products and do well in the market.
Market research is really important when launching new products today. Here are some key reasons why:
Knowing Your Customers: Surveys show that 70% of people are more likely to buy a product if the brand knows what they want.
Reducing Risks: Around 45% of new products fail because there wasn’t enough research done. This highlights how important it is to learn about the market to avoid problems.
Spotting Trends: Keeping an eye on trends can boost a product’s chance of success by 35%. This helps businesses change with what people want.
Learning from Competitors: About 60% of businesses say their success comes from understanding what other companies are doing through research.
By using these important insights, companies can make better products and do well in the market.