What is Market Research?Although once established it’s important not to focus too much on where your competitors are going, in the planning stages it is vital that you learn from the things that other businesses in your industry do well, and indeed what can be improved upon.
Market research may seem like a task that only larger businesses would perform; however it is simply the process of gaining an understanding of your competitors. This can be as simple as desk based internet research, or potentially as in depth as engaging specialists to perform this work for you.
If you have already worked in the industry that you are looking to set up in, it’s likely that you already have some informal market research from your experience in the business. In my experience, the most effective research is the practical research that you can perform yourself. Although a report from a research agency might tell you the economic contribution of a sector and other such “big picture” statistics, realistically this information is only of benefit for impressing people with facts and figures – in the day to day running of your business, these statistics are irrelevant.