To start and run a successful business you need to know all about your potential and existing customers and the marketplace you operate in.
Market research is a valuable tool for all businesses. Statistics and other market research data help you make informed decisions about the marketing of your business. Using market research, you can understand your potential customers and their needs, as well as what your competitors are doing.
Why is market research important?
Obtaining statistics and conducting market research can give you a better understanding of your market, your customers and their needs, as well as giving you a better insight into your competitors. This greater understanding of your market can help you better focus your marketing efforts, make informed decisions about your business and make the most of available opportunities.
How often should I do market research?
It's important to regularly assess who your competitors are, their strengths and weaknesses, who your customers are and what they want, and whether there are any gaps in the market. This can be crucial during all stages, including starting, running or growing your business.
It's also helpful to understand market trends so you can make the most of your business opportunities. Look for information in market reports, government statistics, trade publications and industry association publications to find out new developments and possibilities both in your industry and in the commercial environment.
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How to research your:
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What to do...
- Undertake your own primary research using surveys or interviews, or through talking to your customers and other businesses.
- Read Writing a business plan for help in developing your business plan.
- Browse Seeking customer feedback to help you get started on your research.
- See Marketing to starting writing your Marketing Plan and developing your marketing strategy based on your research.