Market Research – Business Start Up Series
Ensure there is a market for your product or service
Using market research, you can :
- Identifying new customers and their needs.
- Understanding the size and nature of markets
- Improve understanding of current customers
- Setting of achievable goals and targets
- Break up market segments, areas to target
- Developing solutions to business problems
- Planning for business growth
- Identifying new opportunities.
- Understand what your competitors are doing
- Understand market trends.
There are two types of market research:
Primary research: This is information you collect firsthand through surveys, interviews, and talking to customers and businesses. This kind of direct research can help you discover what your customers’ needs are, how your business can improve, what you excel at and what practices other businesses are using. This step involves gathering information that doesn’t already exist
Secondary research: You can also research your market by using information that has already been gathered, such as government statistics , trade publications and industry association publications to find out new developments and possibilities both in your industry and in the commercial environment. Popular sources of secondary data include government websites such as the Australian Bureau of Statistics (ABS), government department sites and industry associations.
Results of your research
The results of your market research, whichever method you use, should give you a good indication of:
- The demand for your product or service
- Customer buying behaviour and attitudes
- Customer awareness of a product or service.
- How best to promote your product or service.
How Market Research can assist you
|Step 1 – Identifying and defining your problem||Step 2 – Designing and planning your research||Step 3 – Analysing data and information||Step 4 – Preparing a report|
|Prior to carrying out your research it is best to gain an understanding of what your objectives are.||Designing and planning your research carefully helps to get you the best results and can save you time and money.||
Organise the information and interpret it in accordance with your research objectives to draw a conclusion and define what choices you have available as the next steps.
|Preparing the information into a structured report helps to ensure your information is credible and justifiable.|