Market research is key to developing relevant and effective business strategies as it helps you understand your industry, customers, competitors and market trends. Undertaking both primary and secondary market research can allow you to boost your business’ success if you utilise the information to improve your product/service and marketing strategies.
There are a variety of sources you can use to begin your research. To research areas such as your customers, competitors, industry and location, you can conduct primary research through things like:
- Surveys (postal, online or face-to-face).
- Focus groups.
- Customer feedback.
Meanwhile, useful secondary research can be conducted through:
- Academic journals and research.
- Social media and websites.
- Industry and trade publications.
Identify the best research methods for your goals and whether you will conduct the research yourself or if you will want to use a professional company. It is also important to consider the time frame and appropriate budget for your research. When conducting research questions and strategies, make sure that you are open-minded and don’t let your preconceived opinions or preferences affect your tactics.