To make sure you've got a focused start, you can follow this step-by-step tutorial: If you need to present your market research report to other people, such as a business partner, an investor, or your team, you can simplify the process by using a presentation template such as this Digital Marketing Agency PowerPoint template or the Digital Agency template from Envato Elements. The way to make sure that your business survives for longer is to ensure that you've got a steady stream of sales and customers. End users also make for excellent candidates for primary market research, allowing you to understand their frustrations and limitations – ideal if you’re still in the process of developing and designing new products, giving you the edge over the competition. Secondary market research is a different type of market research as it relies on information that’s already available from a variety of sources. This is especially the case for small businesses, where the first few months can prove to be precarious. Market Research Factors. In fact, you can classify any task as a market research activity as long as you end up knowing your target market’s needs, behaviors, and preferences. However, it’s important to interpret these market research reports in isolation. Sign up to our ‘How do I research a business idea’ workshop to understand how to develop a strategy for identifying and finding the information that will help deliver this knowledge. Why small businesses should do market research, A beginner’s guide to trademark infringement. Without knowing the current size of your potential market, you’ll just be setting arbitrary goals. Now that you see the importance of marketing research, it’s time to get started on the process. Be sure to take note of the date of publication too. In this article, I'll explain some basic marketing research concepts. Knowing whether customers see your products and services as a necessity or as a luxury can help you design your product labels, brochures, and website that fits their perception. Here’s how you can apply this: If you’ve ever wondered what text or images to put on your fliers, website, or social media accounts, with thorough market research, you’ll know exactly what to do. Does your business need a market exit strategy in place? You might say that you want to double sales by the end of the next quarter. But for any type of business, there's a real need for market research. If you want to stay up to date, you should also read the in-depth guide to the latest marketing trends over on the Envato Blog. Yes, your marketing strategy is in the middle of that chain. Keep up to date with news and events at the British Library, All text is © British Library and is available under Creative Commons Attribution Licence except where otherwise stated, The Tiger Who Came to Tea by Judith Kerr: sketches and original artwork, Sean's Red Bike by Petronella Breinburg, illustrated by Errol Lloyd, Unfinished Business: The Fight for Women's Rights, The fight for women’s rights is unfinished business, Get 3 for 2 on all British Library Fiction, Why you need to protect your intellectual property, get access to more than £5m worth of current market reports, 6 useful market intelligence studies for decision makers, Defining a new product development process. Here are some ways you can use market research to outsell competitors: If you need to know more about conducting market research with competitors in mind, here are some helpful guides: When business owners set goals for their business, it’s typically related to growth in sales or customers. Having a greater understanding of your marketplace from the very start will enable you to create a sound business strategy to establish and grow your brand into one that’s better than the competition. Trademarks and brands are the property of their respective owners. Through market research, you'll make more informed decisions rather than resting the fate of your business on guesswork. Secondary market research is a different type of market research as it relies on information that’s already available from a variety of sources. Industry influencers make for ideal candidates to use for primary market research, allowing them to use your products or services, garnering their opinion on them and the market as a whole. An end-user is a customer that will actually use your products or services on a day-to-day basis. As long as you end up with a thorough list of your target market’s demographics, needs, and frustrations, you’ll be able to reap the above benefits as you grow your business. If it transpires that your products or services will not be the cheapest it’s best to know now in order to provide compelling evidence to potential purchasers why they should continue to buy through you; perhaps based on quality and reliability. What are the benefits of market segmentation? These are some of the budgetary tasks that your market research can help with: The business that knows their customers more tends to win more. Market research should never be underestimated. She writes about marketing, entrepreneurship, and creative work. I'll also explain why marketing research is important and share some resources to help you get started on your own marketing research. Don’t be intimidated by the task ahead. Read on to better understand how market research affects each strategy in turn. Envato Tuts+ tutorials are translated into other languages by our community members—you can be involved too! It’s easy to dismiss the importance of marketing research. You'll write differently when addressing retired Baby Boomers than you would when addressing young professionals. Aside from talking to target customers, there is significant value in published market reports. Your market research can help ensure that you’re reaching your intended audience in the channels where they’re most likely to see your message. An industry expert will not be fixated on the price of a product or service, they are often more concerned with the value and quality. Your business doesn’t have to commit tens of thousands of dollars on focus groups and extensive surveys to conduct market research. Instead, start by gathering data only on these two things: your target customer and your competitors. 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