Market research is the process of gathering and interpreting information about your existing and potential customers, your competitors and your market.
Researching and analysing your market prior to entering is a worthwhile activity for any business, whether established in the market or looking to enter a new one, although it's sometimes overlooked.
Effective market research allows you to learn about your potential target markets, make informed decisions and reduce risks. Don't be put off - this doesn't necessarily mean costly, or even formal, activity!
Qualitative research is opinion based rather than numerical and aims to uncover how people feel and what they think. Its offer usually performed using small focus groups of between 6 and 8 people but can equally involve one to one discussions.
Market research doesn't just mean asking potential customers questions. You could, for example, observe people's behaviour, try out a competitors products or service for yourself or ring around for prices.
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