Companies everywhere are using market research to increase sales, nurture customers, and grow their markets. Here’s why.
Business leaders have never faced a harsher microscope. The result? The need for high-quality, revealing, comprehensive market research data has never been greater.
In this report, we explain how targeted research can help you:
Win new customers and retain current ones
Drive more sales
Develop new products and services
Increase market share
Uncover and get ahead of risk
Identify new opportunities
There’s a reason businesses are conducting more research projects.
From labor shortages and supply chain delays to rapid shifts in customer preferences, companies spent the past two years acting fast and adapting. Now, though, forward-thinking businesses are shifting from firefighting mode to growth: entering new markets, attracting new customers, and developing new products. But aggressive expansion comes with increased pressure — and a greater need for meaningful, revealing market data.
With their decisions under constant scrutiny, the most successful business leaders thrive because they measure (and exert control over) their growth path by creating data-driven strategies. It’s no surprise then that, over the past year, nearly 80% of companies conducted market research, and 2 out of 3 plan to do more in 2023.
“91% of businesses say using market research data increased their sales.”
A recent Hanover survey of business leaders shows that their measured, data-backed investments are paying off: Companies that rely on meaningful market data proved more likely to increase sales, expand their market, and increase customer retention than those that don’t.
Now, in our State of Market Research Report, we map how nearly 400 business leaders across the country leverage market research to drive revenue and grow their markets.