• About
  • Advertise
  • Careers
  • Contact Us
Tuesday, June 24, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
ADVERTISEMENT
Home News

Importance of Market Research in Business Development

by Techeconomy
February 21, 2023
in News
0
Market research by Emmanuel Akinyemi
Emmanuel Akinyemi

Emmanuel Akinyemi

UBA
Advertisements

Article written by: Emmanuel Akinyemi

I’ve gathered years of experience leading business development for companies, especially in the tech ecosystem. One recurring theme that continues to show up in the process of leading this process is market research. I hold a very strong opinion on the importance of doing market research while trying to clinch partnerships and new business for the company you work for. I’ve decided to pen my thoughts down so you see them too.

Market research is a crucial aspect of business development as it provides valuable insights into customer behavior, preferences, and market trends. By conducting market research, companies can make informed decisions about their products, services, and overall business strategy, helping to increase their chances of success.

One of the main benefits of market research is that it helps companies understand their target audience. This includes identifying the demographics of their customers, such as age, income, and education level. With this information, companies can tailor their offerings to meet the specific needs and preferences of their target audience. For example, a company that sells sports equipment may conduct market research to determine that the majority of its customers are young, active individuals. Based on this information, they can then develop new products and marketing strategies that appeal to this group.

Market research also provides valuable information about the competitive landscape. Companies can learn about their competitors’ strengths and weaknesses, as well as any trends or changes in the market.

This information can be used to differentiate their products and services from those of their competitors and to find new opportunities for growth.

Moreover, market research helps companies identify and anticipate market trends. This can include changes in consumer behavior, technological advancements, and economic conditions. By staying ahead of these trends, companies can adjust their business strategies accordingly, positioning themselves for continued success. For example, a company that sells products online may conduct market research to determine that more and more consumers are using mobile devices to make purchases.

Based on this information, the company can optimize its website for mobile users, improving the customer experience and increasing sales.

Another benefit of market research is that it can help companies make informed decisions about product development and innovation.

Companies can use market research to identify customer needs and preferences, as well as to assess the potential success of new product ideas. This can help to minimize the risk of introducing a product that is not well-received by the market.

Additionally, market research can provide insights into new technologies or trends that may impact the company’s products or services, allowing them to stay ahead of the competition.

In addition to providing valuable insights, market research can also help companies save time and resources. By conducting research before launching a new product or service, companies can avoid the costs associated with developing and marketing a product that may not be well-received by the market.

Furthermore, market research can help companies to identify areas for improvement in their existing products and services, allowing them to make necessary changes before customer satisfaction decreases.

Finally, market research is an essential tool for measuring the success of a company’s marketing efforts. Companies can use market research to track customer satisfaction, brand awareness, and market share, allowing them to make informed decisions about future marketing and advertising efforts.

In conclusion, market research is a critical component of business development as it provides valuable insights into customer behavior, market trends, and the competitive landscape.

By conducting market research, companies can make informed decisions about their products, services, and overall business strategy, helping to increase their chances of success. Companies that neglect market research risk making decisions based on assumptions, which can lead to costly mistakes and missed opportunities. Therefore, it is essential for companies of all sizes to invest in market research to ensure continued success and growth.

About the guest writer:

Emmanuel Akinyemi is skilled at analyzing market trends, identifying potential partners, negotiating deals, and building long-term relationships with key stakeholders.

He is an astute business developer and partnerships manager; an experienced professional with a track record of success in identifying, cultivating, and nurturing strategic partnerships that help drive business growth. 

Loading

Advertisements
MTN ADS

Author

  • Techeconomy
    Techeconomy

    View all posts
0Shares
Tags: Emmanuel Akinyemimarket research
Techeconomy

Techeconomy

Next Post
10 Nigerians Transforming the Tech Space 

10 Nigerians Transforming the Tech Space 

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Oluwaseyi Fatunmole: Nigerian Invest on Technology and UX Design

Why Nigerian Government Must Invest in Technology

1 year ago
Orodata MyCandidate Platform

With Orodata’s MyCandidate Platform You Can Find Out Who to Vote for

2 years ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.