Market research
Research and market reports
A successful business needs a deep understanding of potential and existing customers and the marketplace they work in.
This understanding allows you to:
- target customers
- sell effectively
- compete with other suppliers
- identify new opportunities
Carrying out market research on potential customers and your competitors will help you to gain this vital knowledge.
Published market information
You can build a picture of general trends using published market information.
You can get this from free government statistics and data to paid-for market reports from commercial providers.
Your own contacts and sales records can also be a great resource.
Field research
You can add to your knowledge by using field research from surveys and discussions to product tests.
You can do this to investigate customers' attitudes and examine questions specific to your business.