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Market Research FAQ
What is market research?
Market research is the act of compiling and analyzing data about the market where you currently operate. It may involve one where you may proceed if the conditions are aligned with your business goals.
This information aims to answer questions that better help you run your business. The information enables you to make decisions to reduce waste not only in your marketing and advertising budget but through your whole operation.
Market research can help you do the following:
-gauge demand for a new service or product
-determine media consumption to know where to place ads
-gather feedback about your service, product or brand
-take stock on what your competitors are doing
Information is the most important thing you can have as a business owner. Conducting market research provides you with that information to make better decisions.
What sources are used to get the information for market research?
There are two kinds of information used to build reports that help you make decisions:
This comes from you or someone you hire to collect the data. You control it 100%. For example, if you were to survey your current customers or clients about their satisfaction with your services, that would be a primary source. Product testing would also be another form of primary info.
This involves data that has not been collected by you or someone you have hired. A university’s report on local economic viability would be an example.