Marketing research can give a business a much better idea of if their current business plan is working, what tweaks might need to be made, whether they’re meeting their customers needs and what kinds of new products or services might be profitable for them. Unfortunately, many businesses don’t set aside the funds for this kind of research, or simply don’t see the long term importance of such a task. 
It’s important to know how current trends are affecting your business, or what your customers actually think of you. You can take the “try, fail and learn from your mistakes” approach, or you can be more direct and simply ask your customers and prospects why they did - or didn’t - choose you. 
Tom Webster is a thought leader on the topic of market research and an expert in qualitative and quantitative research techniques. He has directed hundreds of studies in nearly every major U.S. and worldwide market. HIs company, Edison Research, has the unique distinction of being the sole provider of official exit polls for every U.S caucus and  election. 
http://www.agentsofchangecon.com/podcasts/112