Market research will help you to understand who your customers will be, what your competitors are doing and how the market sector your business is in, is performing.
You can use the results of your market research to develop your business and marketing plan and make better-informed decisions about your new business.
Primary research examples
This is information that you gather yourself by carrying out the following:
- Telephone surveys
- Postal surveys
- Internet surveys
- Test Trading
- Mystery shopping
- Focus Groups
Secondary research examples
This is information that already exists and includes:
- Government Data
- Market Trends
- Social Media Posts
- Customer Reviews Online
- Company Annual Reports
- Company Financial Reports
Sources of secondary research
- 'The Office for National Statistics' is a Government Agency that publishes statistics on the UK economy and population.
- 'Companies House' is a great place to research the financial health of any competitors, (that are UK registered limited companies), by viewing their filed accounts.
- Social Media– a competitor may not have a website but they may have a Facebook business page, Google Plus, Pinterest or Twitter account.
- Business Libraries enable you to access information from market reports such a Mintel, Fame and Keynote.