Did you know there are
633.88 lakh Micro, Small and Medium Enterprises (MSMEs) in India as per National Sample Survey 73rd Round (2015-16)? To be specific, there were 630.52 lakh micro, 3.31 lakh small and 0.05 lakh medium enterprises in our country. Take a moment and let these numbers sink in.
Now, imagine the level of competition in this crowded market. How can you attract more customers and stay ahead of your competitors? How can you ensure that your customers like your products? And how can you boost your sales? Relax. Market research is likely to help you find answers to these questions.
With market research, you can gather information about a target market, consumers, and competitors. You can analyze and use this information to make well-informed decisions. For example, market research can help you learn more about your customers’ buying habits and how much they are willing to pay for a certain product. With this information, you can create better products, improve user experience, and build a solid foundation for a successful business.
To learn more about how market research methods can help your business, read on!