Carrying out market research - checklist

Carrying out market research - checklistKnowing your market is vital if you want to maximise sales and stand out from the competition. We explain how to find and use market information.

  • Focus on research which will help you make better decisions.
  • Work out what you need to know and whether you need an in-depth understanding or simple numerical results.
  • Decide how quickly you need the information and how accurate it must be.
  • Set up your research with a clear brief, including objectives, deadlines and any important background information.
  • Decide whether you have the expertise to carry out larger research projects yourself or need to use an external agency or freelance researcher.
  • Make full use of easily accessed information from internal records, employee and customer feedback, publications and the internet.
  • Ask your customers who they see as your competition and why they use you.
  • If necessary, invest in surveys, observation and experiments to back up decisions.
  • Analyse research results carefully and objectively.
  • Be prepared to carry out further research if the information you have is insufficient or out of date.
  • Use your research to make decisions and plan strategy.
  • Regularly update your understanding of customers and market conditions.

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