A Beginner’s Friendly Guide On How To Conduct Market Research

Market research is a structured way for businesses to gather, analyse, and use information about their target market, competitors, and customer preferences. This guide covers key reasons for market research—like understanding customer needs, spotting trends, reducing risk, and shaping business strategies—and offers insights on when to conduct it (e.g., before launching products, expanding markets, or during strategic planning).

Types of Market Research:

1. Primary Research: Original data collected through surveys, interviews, or focus groups, offering specific insights.
2. Secondary Research: Uses existing data like industry reports or studies, giving broader context.

Methods: Common methods include surveys, interviews, focus groups, observational research, and online data analysis, each chosen based on goals and resources.

Benefits: Market research informs decision-making, helps optimise marketing, supports innovation, and improves customer satisfaction.

Steps for Conducting Market Research:

1. Define objectives.
2. Identify target audience.
3. Choose methods.
4. Design tools.
5. Collect and analyse data.
6. Implement insights.

Key Takeaways: Market research is vital for staying competitive and responsive. Ignoring it can lead to missed opportunities, ineffective strategies, and customer dissatisfaction.