What is Market Research?
Market Research is a method of obtaining customer feedback and opinions which allow businesses and suppliers to make informed decisions. Whether this is related to their customer engagement performance or comparing them against their competitors.
With ever changing market places and customer interaction it is important for business and service providers to stay abreast of their performance, the changing market and even to test new products and services
Q. Do small businesses need market research, or is it for large organisations?
Yes, market research can help you to identify your target consumer and determine what they think about you/your product. Read 5 reasons why market research matters.
Q. Should I only look at my customers/competitors with market research?
No, you should use market research to look internally too. Are your staff happy? If they aren’t are they affecting your business performance?
Q.Is market research expensive?
No, it doesn’t have to be. A good market research agency will help you identify the best way to obtain useful information no matter how large, or small, your budget may be.
Q. I’ve already done a survey what do I do now?
Market research agencies would be able to help you understand and interpret your data. Whether that means inputting and processing the results or just analysing the data. However, the best time to engage with an agency is before you begin; this allows the agency to understand your needs and advice on the best questions to ask or methodologies to use.