What is market research?

Market research is the process of gathering, analysing and interpreting information about a market, a product or a service to be offered for sale in that market, and about the past, present and potential customers for the product or service. Market research can help businesses understand the needs and preferences of their customers, identify opportunities and challenges in the market, and develop effective strategies to achieve their goals.

Market research can be divided into two types: primary and secondary. Primary research involves collecting data directly from the source, such as through surveys, interviews, focus groups, observations or experiments. Secondary research involves using data that has already been collected by someone else, such as through reports, publications, websites or databases.

The benefits of market research are numerous. Market research can help businesses:

• Identify and quantify the size and potential of their target market
• Understand the characteristics, behaviour and motivations of their customers
• Segment their customers into different groups based on their needs, preferences or characteristics
• Evaluate the performance and satisfaction of their existing products or services
• Test new products or services before launching them in the market
• Monitor and analyse the trends and changes in the market
• Assess the strengths and weaknesses of their competitors
• Identify and explore new opportunities for growth or innovation
• Reduce the risks and uncertainties associated with business decisions

Market research is not a one-time activity, but a continuous process that requires planning, execution and evaluation. Businesses should conduct market research regularly to keep up with the changing market conditions and customer expectations. Market research can help businesses stay ahead of the competition and achieve success in the market.

If this sounds like something your business might need, RLM are here to help! The team are members of the Market Research Society and have over 20 years’ combined research experience. Best of all, we never outsource our work… it’s all done in house to ensure the highest of standards.