Why Market Research Empowers New and Expanding Businesses

The entrepreneurial landscape in the United States has surged recently. According to the Commerce Institute, 5.5 million new business applications were filed in 2023, marking a 56.7% increase from 2019 - breaking records.

In 2024, this trend continued with an average of 430,000 new business applications submitted monthly - a 50% rise compared to pre-pandemic levels.

As more people enter the business arena, new and expanding businesses face increased competition and challenges. In this environment, making informed decisions matters. Market research can guide mindful choices to move operations forward.​

The Role of Market Research

Market research involves collecting, analyzing, and presenting information about consumers, competitors, and other market trends to guide business strategies. It helps entrepreneurs understand their customer base, identify economic trends, and reduce risks before launching their businesses.

Understanding behavior and consumer preferences can guide product development, pricing strategies, and marketing campaigns. Insights on the strengths and weaknesses of others in their industry can be the leverage business owners need to differentiate themselves in their chosen markets.

Data-Driven Decision Making

Businesses that leverage data-driven insights are better prepared to navigate market complexities and seize opportunities. Data-driven organizations are over three times more successful than those with less mature data practices, with 98% having a strong understanding of customer journeys.

​By utilizing comprehensive market research reports, businesses can gain insights into:​

• Customer Demographics and Preferences: Identifying target audiences and customizing products or services that meet their needs.​

• Market Trends: Staying ahead of industry shifts and adapting strategies accordingly.​

• Competitive Analysis: Gaining an understanding of the current competitive landscape to identify opportunities and threats.​

Mitigating Risks

Starting or expanding any business comes with inherent risks. However, tapping into market research can significantly minimize risks before making any business moves. Market research provides a timely view of market dynamics and offers an accurate view of your prospects.

Launch With Momentum

Whether launching a new venture or expanding existing operations, grounding your decisions in reliable data is key to achieving sustainable growth and success. Businesses can navigate complex markets confidently and clearly by making a relatively small investment in comprehensive market research.​

For detailed market insights and tailored reports to guide your business decisions, explore our Market Research Reports.

Note: The statistics and insights mentioned are based on data available in March 2025.