Market research is used to establish the current environment your business is operating in and what your current position is in the marketplace. Market researchers are interested in information like Read more
Market research is used to establish the current environment your business is operating in and what your current position is in the marketplace. Market researchers are interested in information like the size of your market, your share of it, your position and offering compared to your competitors, the attitudes of the market towards you and your product, who your customers are, what they need and so on. Market research is a vital first step in creating an effective marketing strategy.
What do people usually mean by ‘market research’?
Market research includes any activity which gathers or analyses valuable information about your marketplace including:
What are the main types of market research?
There are two main types of market research you can carry out for your business:
Both types of research are important and neither should be neglected when assessing the feasibility of your business or constructing a marketing strategy.
What sort of market research is appropriate for small businesses?
I’ve done some market research and I’ve put together a marketing strategy - what now?
Your marketing strategy should reflect the best information you were able to find, but no strategy is ever perfect. Effective marketing strategists continue to collect data as their strategy is rolled out, as the execution of your strategy will test your assumptions and provide valuable information which you can use to refine your approach.
Whenever a customer is gained, it’s good practice to ascertain precisely where they came from and which marketing method drew them in. The more information you can get about how they found you and why they chose you, the better.