In this edited excerpt, the authors discuss the whys and hows of conducting market research. Market research aims to understand the reasons consumers will buy your product. It studies such things as consumer behavior, including how cultural, societal and personal factors influence that behavior. Market research is further split into two varieties: primary and secondary.
How to do a market analysis for a business plan
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Market research is an essential step in launching a new product or starting a new business. It can help you find out if your business idea is something customers want and provides feedback on your start up plans before you make any costly mistakes. There are lots of ways to carry out market research but there are some key research methods worth knowing. Already conducted your research and ready to get going? Secondary research is typically known as desk research and involves seeking out existing research and data. This may be government census information, market reports, whitepapers, journals, news stories and articles, Twitter comments, and more. In a nutshell, it means using the internet to find out information about your market and industry from trade bodies, existing research and official government organisations such as the Office of National Statistics.
How to conduct market research for your small business
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Product and service reviews are conducted independently by our editorial team, but we sometimes make money when you click on links. Learn more. Market research is essential when launching a new business or refining your existing products and services. Market research provides insight into what your target audience expects from your business, including customers' likes, dislikes, needs, wants and pain points. If you are thinking about starting a new business or releasing new updates to your products or services, you need to conduct market research to test the viability of your ideas.