What Is Market Research?

If you’re an entrepreneur, you have probably already conducted different types of market research. Indeed, you have communicated with your target markets and analyzed the prices of similar products. However, to obtain more accurate information about your business playing field, you’ll need to conduct such research systematically.

Conducting market research refers to gathering information about potential customers and competitors. It will help you to analyze the market situation in your niche and to improve business planning accordingly.

Identifying Which Research Method is Right for You

If you want to know how to do market research, you’ll have to understand the various methods.

• Primary Research Methods
• Secondary Research Methods

Primary Research Methods

During the primary (or field) research, you will be obtaining the information directly from your target market. Survey and observe your potential customers, conduct some interviews and determine focus groups and your research budget. These methods will then yield information according to your demand. The data obtained from primary research is vital for your business. At the same time, such methods require more time and money compared to secondary research.

Secondary Research Methods

The secondary (or desk) methods use published sources of information. To conduct this kind of research you can search for information on the internet, analyze your stock and customer databases, or use the results of existing types of market research. It will provide you with an understanding of the market situation along with knowledge about the processes within your own business.

Five Key Stages of Market Research

• Market Analysis
• Competitor Analysis
• Trends Analysis
• Customer Analysis
• Defining Opportunities