Market research is irreplaceable for any marketing effort. Benefits include:
Proper research enables you to make the decision whether to funnel resources in a particular effort or not. This means finding the right time to launch a product/service on the market. You must be aware if there is a need for such product, otherwise you'll be creating the wrong product.
Another key benefit to proper market research is finding out where you currently are оn the market. Then, you can execute any further marketing effort based on these results.
With thorough research, you will find out what your customers prefer. This can be the type of communication, interests, and behavior to name a few. Perhaps more important is the fact that you’ll find out what they despise, so you can stay away from it.
The research will show what the market lacks. This can be anything, a product, a feature, a flexible service method, or a certain type of information. Then, you can fill this void with your own placement.