Why Research the Market?

Identifying Opportunities: Market research can help in spotting business opportunities, such as new areas where services or products are in demand and competition is low.
Target Market Identification: By understanding who customers are, what they want and where they are located, a business can ensure that its products or services meet the needs of particular consumer demographics.
Competition Awareness: Understanding competitors’ offerings, their strengths and weaknesses can help a small business differentiate its product or service.
Risk Reduction: Future uncertainties in business can be managed by making estimated or educated guesses through careful market research.

Surveys: Quick and cost-effective method of acquiring data directly from the consumers.
Interviews: More in-depth conversations with potential customers to understand their needs and preferences at a deeper level.
Focus Groups: Group discussions often provide broader insights into consumer behaviour and preferences.
Social Media and Websites: With today’s technology, online platforms can be utilised as valuable tools for gathering consumer insights.

Analysing Trends: Analysing pattern or trends over a certain period allows businesses to predict future consumer behaviour.
Segmentation: Breaking down the market into smaller segments helps businesses target their products or services effectively.
Benchmarking: Comparing a business’s product, services, or processes against best practices or competitors can help identify areas for improvement.
Identifying Gaps: Market research can reveal gaps in the market where a business may have the opportunity to expand or introduce new products.

Improving Product or Service: Feedback from customers can be used for product development and refining service delivery.
Pricing Strategy: Understanding what customers are willing to pay can help with setting product or service prices.
Promotional Strategy: Knowing customers’ preferences can guide a business’s promotional efforts.
Strategic Planning: Overall, good market research can impact the whole business plan and strategy, providing a solid foundation for decision-making.