Have you ever questioned what life would be like without market research? How different would the world be today?
All marketers admit that market research is essential because the consumer landscape is in constant flux, and marketers are steadily overwhelmed with data and business preferences.
Marketers point to shave timelines by conducting internal
research but lose sight of the customer.
With market research, your organization can save valuable time and resources from launching pre-mature products, targeting the wrong segment, to wrongly misunderstanding your customers.
Market research itself serves a purpose for companies and businesses to understand what is crucially needed by their customers; therefore, it is utilized to make everything simpler yet much more convenient. You know what? Doing business without market research is like sailing without a compass.
I might say that perhaps the world won't be as rapidly evolving as it is right now. Here are several hypothetical scenarios of our world, but without market research.
1. You will be struggling with daily activities.
There will be no shower in your bathroom, no can opener on carbonated drink cans, so it will require you to carry a can opener around the corner, no cereal, no TV remote, no laptop, and much more. Have you ever imagined a life without them? Without items that can make your activities easier.
Every business must not forget the experience of its consumers using or consuming their products, but all the products that will be used and used by consumers. So, it is very important to always listen to criticism and suggestions from users.
2. Stagnant technology
Without market research, you might still be using a cellphone with a 4x4 keypad that requires you to dial 1 three times to type one letter C, and the worst; without internet connection. How impractical!
Just imagine what happens if you go abroad for the first time and need to find a way to get from the airport to your hotel or Airbnb there. Without a smartphone and Google maps, you might have to keep pulling the map, hoping it won't get windy, rainy or snowy the whole way.
3. Slow and declining economy
Departing from the idea of technological stagnation, the concept itself also greatly affects our economy. With a lack of understanding of what society wants, it is the same as letting one blind person lead another blind person.
Companies will make the things they want instead of considering the feedback from their users and that advertisements for products may not exist at all. With the decline in goods and services globally, countries have no choice but to relinquish the nature of development and perhaps return their civilizations to their past conditions. To that end, the importance of this survey is not only to help the company shape our future but also to enable its users to get paid for market research. Hence, it is a two-way transaction that will benefit our future.
4. No modernization
Without market research, we will never be able to enter the modern era we are today. Buy and pay for groceries only from home, make transactions without cash, and can even be relied on by other people in other parts of the world.
Maybe, if marketers are not open and don't want to accept criticism and suggestions or don't want to do market research, we will still be left without being familiar with the name of the digital era as it is today. Modern life will become a fairy tale for us.
5. Adaptation Problems
Unfortunately, this kind of scenario will arise quite often when the world lacks market research.
With the small number of developments affecting our community, we are forced to remain without our own boundaries and don't grasp the idea that something different might be a good thing. It will also limit your openness to approaching something new and as a result, let people approach something unfamiliar with first and foremost, a no
mindset. Moreover, we also won't be able to determine what our problems are today and probably won't see all the revolutionary periods of our time.