10 reasons why market research is important for SME

Updated: Apr 11, 2020

A small business owner must make gathering market information an ongoing process and a high priority. In order to be successful, a small business owner must understand the social, cultural and economic context you’re trading in.


1. Find out potential customers

2. Determine your customer need

3. Beat the Competition

4. Identify and develop new opportunities

5. Identify obstacles

6. Set business direction

7. Spot potential trouble ahead

8. Research new products and services

9. Get new product/service launch right from the beginning

10. Make decisions with confidence


Why now ?


Save you money in the long run

Starting your market research as soon as possible will save you money in the long run, because you’ll be ensuring that you invest your time and money in the right sectors and the right products


Address many facets of market

Whereas in the past a small business had competition from other, often local, small businesses and their customers were known, today a small business competes in a much larger field. Not only does it face competition from local as well as international companies, often these competitors are much larger and have greater negotiating power to source and sell at cheaper prices.


New channels and audiences

In addition to this, small businesses face competition from the unstoppable growth from e-commerce.”


CompX sources, validates, aggregates, productise and deliver market intelligence data for private companies. CompX provides good, meaningful data that companies seek which is unique to them, tells a story, and is timely and specific.


CompX Source:

CompX discovery infrastructure delivers us hundreds of data opportunities every month. Our platform has become a magnet for data assets that have never been exposed to private companies.


Validate:

CompX data science team, empowered by proprietary technology and domain expertise, assesses every dataset we find for predictive power, reliability and compliance. The very best of these datasets are added to our platform.


Aggregate:

Rich insights on curated data are derived by our expert team. Every nuggets of information are stored and analysed to expand the knowledge horizon.


Productise:

Both the raw data and insights are structured and packaged for consumption by our customers.

Organization, documentation, expert support and quality control are paramount.


Deliver:

We offer institutional-grade reliability and deliver data in formats preferred by our customers.

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