Date27th Jun 2014
CategoryMarketing Strategy/News/
AuthorBoxed Red

What is market research and how can it help your business?

Market research can be an important tool to help you understand more about your customers, provide insight into your competitors and give your business a boost, particularly when used as part of an integrated marketing campaign.

Gathering information about your customers’ needs and preferences, as well as what your competition is doing, can help steer your business to success – increased sales, better customer satisfaction or identifying new services to name just a few objectives you might want to achieve.

There are two types of market research that can provide this valuable information, primary and secondary research.

What is primary research?

Primary research is all about finding out about your market first-hand. Setting up a focus group, questionnaire, online survey or even asking for customer feedback face-to-face can provide all the information you need to make changes to your business and future marketing activity.

What is secondary research?

When using secondary, or third-party research, the ground work has already been done for you. Reports, government studies, trade association research or findings from other businesses can be extremely useful in discovering more about your market place and customers.

How can market research help my business?

Using a combination of primary and secondary research, you can build up a detailed picture of your position in the marketplace, get an insight into your customer behaviour and start to implement changes that help you achieve your business goals.

Market research can help you with those all-important marketing plans and strategies. By analysing your objectives and studying your competitors and customers you could stand out from the crowd and most importantly, increase your sales.

You could implement an anonymous customer satisfaction survey to obtain honest feedback about your products and services, and start to focus your efforts on those areas that are working well, and make changes and improvements to those that are not performing so well.

If you need some advice or would like some further information about the importance of market research, just give us a call on 01565 632 112 or email us on

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