Market research checklist

When starting your research, it's important to get as much information as possible from a variety of sources to help you understand your marketplace. Find out about economic and industry trends, customer requirements, newly released products and what your competitors are doing.

Remember that market research is essential to any business, so it's important to make it part of your ongoing business plan.

Use our Market research checklist to help you with things to consider when getting started. The checkboxes below can be ticked as you understand and move through each question. You can also print out the checklist.

Understanding different types of research, such as primary and secondary research methods will help you decide how to conduct market research in your business.

Using free or low cost government data and statistics that can help you understand your market and your industry

Finding market research in your state or territory can help you better understand your local market.

Researching your product or service can help you identify ways that you can improve on the product or processes to develop innovation in your business.

Finding out more about your industry, including industry associations, statistics and benchmarks can help you understand how your business is running compared to others in the industry and discover potential growth areas.

Research your market to find out where the gaps and opportunities are for business growth.

When starting or growing you may need to decide on whether you want to buy or lease a business premises. Make sure you research the local area to determine if it meets your business needs before deciding on your business location.

If you're considering exporting, there is a range of information available online to help you conduct initial research into overseas markets. The Austrade website has country profiles and business information for many countries.

When starting your business you may need to find suppliers to enable you to make or sell your products and services. Do your research before deciding on a supplier.

Once you have a clearer understanding of your competitors, their strengths and weakness as well as market trends you will be able to identify your unique value proposition and implement practices to help your business grow.

Understanding your customers needs, wants and buying behaviour can help you find new customers, keep loyal customers and better plan your business, marketing and promotional activities.

Seeking and capturing customer feedback on a regular basis from customers can help you identify ways to improve your products or services.

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