What is Market Research?
Market research is an essential part of any business that wants to offer products or services that are focussed and well targeted. It is key to informing the development of any business, strategy/action plan and marketing initiatives.
Market research will help you better communicate – Your current customers experiences are a valuable information source. Not only will they allow you to gauge how well you currently meet their expectations they can also tell you where you are getting things right and more importantly, where you are getting things wrong.
Market research helps you identify opportunities – If you are planning to operate a new service and want to know the preconceived attitudes people have then market research can help. Not only in evaluating the potential for a new idea, but also by identifying the areas where a marketing message needs to be honed.
Research statistics also play a key role in raising awareness of the value of businesses within the local, regional and national economy.