Market Research

Market research is a key part of developing your marketing strategy. It’s about collecting information to give you an insight into your customers’ mind so that you understand what they want, how they gather information and where they come from. You can also do market research to get a better idea of market trends and what is happening in your industry sector.

The information you gather and analyse builds the foundation of good business decisions whether it’s deciding what product or service you’ll offer, where your business should be located, how to distribute your products or how you communicate with consumers.

Step 1: Why do market research?

Market research is important for every business – and not just as a one-off activity. Regardless of whether you’re starting or growing a business, ongoing research will help you keep up with market trends and maintain a competitive edge.

You can identify customers, understand consumers, set targets. Read more...

Step 2: Set your research objectives

Market research can be as simple or as in depth as you’d like to make it. The scope of your research will be determined by what you want to achieve (your objectives) and the types of decisions you need to make. Read more...

Step 3: Find out what information already exists

Before conducting your own research look at other resources which may save you time and money. There are two types of data; primary and secondary. Existing information (for example, census statistics) is known as secondary data and primary is the collection of new data. Read more...

Step 4: Do your own research through surveys

Surveys can be categorised as either observation or interview surveys. Each style seeks to gather either qualitative or quantitative information. There are many types of interviews you can choose from including: face-to-face, focus groups, phone interviews and so on. Read more...

Step 5: Analyse and act on the results

Once you’ve finished your survey it’s time to analyse the responses and get the answers to the questions you asked at the beginning. Keep an open mind and be objective. Avoid doing research to simply prove your preconceived ideas. Read more...

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