Market Research

Conducting Market Research: A Small Business Guide

Conducting Market Research: A Small Business Guide

Before you start up, gaining an understanding of your potential market is essential. You might have the greatest idea ever on paper, but if it doesn’t fly with your potential customers, it’s time to think again. Good market research can deliver these essential insights that test the viability of your business idea. This article provides an introduction to market research for any small business. We cover how to identify your target market, and how to conduct your own market research. You will learn how to leverage different sources of information to conduct research at low cost, what you can learn from your potential competition, and whether to employ the services of a market research agency. Read on to find out more. What should market research help you find out? The key element of market ... »

Majority of Small Businesses Lack Reliable Customer Data

90% of business leaders surveyed view customer behaviour research as unaffordable investment, despite admitting importance of data insights 72% of small and mid-sized businesses make decisions based on instinct rather than results from customer research, according to The Democratisation of Insight report, with 50% of business leaders admitting they rely on feeling as opposed to hard data. Over a third of small and medium firm leaders complained they lack enough customer insight to make knowledgeable decisions; with only 10% relying on customer data to make decisions but 81% confirming that if it was available it would be influential in their business decisions. 90% of companies surveyed felt in-depth consumer data is an investment reserved for larger brands with bigger budgets. The finding... »

Market Research to Increase Sales, Effective use of

Every Managing Director should set themselves the worthwhile objective of reducing the cost of selling. But how can this be achieved? Quite simply. The more you understand your potential customers, the more effective you can be in reaching them and convincing them to buy. The more you know about which customers are the easy targets, the less communications resources you waste trying to sell to the harder targets. It follows then that the more you understand how your customers buy, the more you can focus your sales and marketing efforts. Every company spends money on attracting the attention of potential customers, taking sales enquiries from them and then converting those leads to business revenue. Whether this is a formal amount set out as sales and marketing budgets, or whether it is han... »