As a research firm which focuses on market research, polls, surveys, among others, we hope to bring insights to you through today’s article on the critical importance of market research when a business stagnates. If ever there is something that irks a businessperson, it is sluggish business or a fall in demand of goods or services. Every business requires constant inflows of cash and therefore every entrepreneur will be glad when there is regular sales.
Business stagnation basically refers to a scenario where a business stops growing, sales remain stagnant or reduce and at times clients leave and that obviously is a territory which no businessperson would like to find themselves in. Unfortunately, the advent of COVID-19 brought that reality to many entrepreneurs through reduction in sales, disruption in distribution chains as well as loss of clients. This situation, as if it was not bad by itself, was worsened by the Russia-Ukraine war which has seen fuel prices going up by close to 80% since the war started. That technically means that entrepreneurs will constantly have to increase their prices but that will not be feasible if a business has already started seeing stagnation.
Whilst it may be clear why business stagnation may exist, most entrepreneurs may not be able to tell the reason for such slump, especially considering the ripple effects of COVID-19. Therefore, market research i.e. a process of getting into a business’ market and asking clients relevant questions regarding the demand for goods and services as well as how to improve them will cure or provide clues as to what needs to cure business stagnation. At times it may be necessary to cut on costs, improve on service delivery or increase the quality of goods and services. Therefore, in a nutshell, if your business has stagnated, the cure is for you to find out and that can only be done through market research.
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