This is a simple but vitally important and often business critical reflection. Spending what is often only a small proportion of your investment.
It facilitates strategic planning
What is the foundation of your business strategy? If it’s evidence based and you’ve taken the time to invest in your own (and hopefully ongoing) research.
It provides revenue projections
A market forecast is a core component of a market analysis projecting the future numbers, characteristics, and trends in your target market.
It helps in spotting emerging trends
Staying ahead in business is often about being the first, being the best or doing something that no-one else has thought about.