The world as we know it would not be the same without market research. At first glance, the statement may seem overly dramatic. However, when we scratch beyond the surface, it becomes evident that market research has far-reaching consequences that transcend individual businesses and brands. For instance, market research can help give a voice to the underserved population, provide invaluable insights into sustainable development initiatives, bolster technological acumen, and more. Moreover, when we zoom out from the bigger picture and examine the finer, individuated details, the significance of market research continues to shine bright, as enterprises of all scales and types veritably benefit from the process. So, without further ado, let us imagine a world without market research and see how it is the unsung hero of the 21st century.
A World Without Market: Four Situations to Ponder Upon
In simple words, market research can be defined as obtaining information about an industry and its target audience by surveying a sample of participants. The information extracted can help understand what the potential customers want, need, and aspire for, how they visualize a brand, its products and services, and so forth. Market research involves a meticulous and data-driven examination of the industry trends, market dynamics, potential customers, target audiences, competitors, etc. Now that we know what market research is let us examine how the world would be sans its existence.
Technological Stagnation
Without market research, we would be living in a world of technological stagnation. In fact, humanity might still be stuck in the era of flip phones and fax machines without robust and accurate market research. It was the concerted efforts of marketers trying to find out the needs of people that innovations, such as smartphones, were devised. Thus, a world without market research will be stale regarding technological developments.
Slow and Stagnant Economy
The absence of market research would not only lead to technological stagnation but would also culminate in the plateauing of an economy. The lack of understanding vis-à-vis people’s wants, needs, and desires, the economy would undoubtedly, plunge into an abyss. For instance, it is market research that tells informs the Kingdom of Saudi Arabia to diversify its economy and focus on alternative sources of energy. Without market research, there is a huge possibility that countries would give up the idea of development and revert to a primitive mode of existence.
Increased Inequality among Nations
As we have already hinted, the significance of market research transcends the economy and enterprises. In fact, market research can help achieve greater equality by bringing an independent and broad view. Accessing a diverse, representative population with the right market research sample allows one to get a gist of everyone’s views and perspectives. Thus, even the most downtrodden and disempowered can find a voice through well-calculated and unbiased market research. Such strides can bring invaluable data to the table and enable brands, enterprises, and corporate bigwigs to embrace the aspirations and demands of communities that we never previously considered. Such colossal changes can potentially seep into the political arena and help amplify the voices of all groups’ voices equally. Thus, without market research, political and economic inequalities will widen and deepen.
Decrease in Achievements
Lastly, a world without market research is a world with fewer achievements. The absence of market research means we know less about the world now than before. Thus, the culmination will be ignorance and a lack of the revolutionary movement. For instance, it is because of market research that had been able to gauge the ‘brain drain’ induced by the COVID-19 pandemic and start the concept of Golden Visas to attract people of the right intellect. Without market research, the brain drain would have continued uninterrupted, and the Emirati capital would be without a skilled workforce. Thus, market research helps countries, businesses, and individuals skillfully navigate a problem by understanding its root cause and best possible solution and then achieve newer milestones.
Conclusion
So, there we have it, a crisp overview of the world without market research. In today’s day and age, when data-driven decisions are more pertinent than ever, ignoring marker research is, indeed, a cardinal sin that no enterprise or organization would commit. We at Consumer Opinion (C-O) can materialize your market research dream into an actionable plan by providing access to our robust databases.
