Quick Tips on Market Research
First of all, what is market research?
Market research is quite simply a way to gather information from an external source as to the validity of something. It could be that you want to determine how viable a product is, how big the market is, how much interest there is in a certain programme and so on.
When would you do market research?
You can undertake market research at any time, whether it is before you set up a new business or once the business is established. You may have a new product you wish to launch, or there could be an answer you are trying to establish to a specific problem. Research is usually ongoing as this is a really good way to find out what is happening in the market place and to keep pace with any changes.
The other reason you would undertake market research is to establish how happy your customers are. I recall doing a piece of work for a client gauging how happy their key accounts were with the service they were being provided. The customers told me much more than they would possibly ever tell the client directly. I was able to advise my client that they had several accounts that were theirs to loose, unless they made some changes as to how they conducted their business. Whether they choose to take my advise or not was up to them, but what I could tell them was that if they did not act, the impacts on their sales revenue would be very detrimental.
You need to watch for the warning signals and whilst keeping an eye on your competitors you can also react quickly and proactively to the market place.
By undertaking market research you mitigate many of the risks in your business, it helps you to successfully grow your business.