Making Informed Decisions
Market research is the process of gathering and interpreting information about your existing and potential customers, your competitors and your market.
Researching and analysing your market prior to entering is a worthwhile activity for any business, whether established in the market or looking to enter a new one, although it’s sometimes overlooked
Effective market research allows you to learn about your potential target markets, make informed decisions and reduce risks. Don’t be put off – this doesn’t necessarily mean costly, or even formal, activity!
Quantitative research is simply research that involves statistical analysis of information, usually collected through questionnaires and surveys. For example you might ask people what sources of information they use or which benefits they value – then put this into perspective terms.
This type of research is beneficial when looking for opinions across a large number of people. A larger survey size allows for greater accuracy and less potential biased.
Qualitative research is opinion based rather than numerical and aims to uncover how people feel and what they think. Its offer usually performed using small focus groups of between 6 and 8 people but can equally involve one to one discussions.
Market research doesn’t just mean asking potential customers questions. You could, for example, observe people’s behaviour, try out a competitors products or service for yourself or ring around for prices.