Market research exists to guide your business decisions by giving you insight into your market, your competitors, your products, your marketing and your customers. By enabling you to make informed choices, market research will help you to develop a successful marketing strategy.
Market research helps you to reduce risks by getting product, price and promotion right from the outset. It also helps you focus your resources where they will be most effective.
There are two main types of market research - quantitative research and qualitative research.
Quantitative research focuses on coming up with numbers: for example, what percentage of the population buys a particular product. We use surveys and questionnaires. You can do simple quantitative research yourself by talking to your customers. More in-depth quantitative research can be used to identify markets and understand customer profiles - vital if you're launching a new product.
Qualitative research gets behind the facts and figures to find out how people feel about products and what prompts them to spend. We use questionnaires and focus groups to gather this intelligence, while interpreting the results is a skilled job.