72% of companies that conduct regular market research better tailor their products or services to customer needs, leading to increased sales and customer satisfaction.
Competitive Advantage
89% of companies that invest in market research gain a competitive edge over their rivals by understanding market trends, consumer behavior, and competitor strategies.
Risk Reduction
Businesses that utilize market research are 40% less likely to experience failure when launching new products or entering new markets due to their informed decision-making process.
Customer Retention
Increasing customer retention rates by just 5% through insights gained from market research can boost profits by 25% to 95%, emphasizing the importance of understanding and meeting customer needs.
Enhanced Marketing ROI
Businesses leveraging market research see an average return on investment (ROI) of $2.70 for every $1 spent on research, as it enables them to allocate marketing resources more effectively.
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