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...Market research can give you valuable insights into your market, your competitors, your products, your marketing and your customers. Here are 20 questions that market research can help you answer Who are your current customers? Who is currently buying your product or service? Where do your customers congregate online? Are there particular social platforms or online groups where you can reach them? What common traits do your customers share? What are these people's lives like and how can you...

...market researchLong before you take serious steps to start a business, ask potential customers their opinions of your products or services. Find out whether they would buy at your intended prices, and if so, what and when would they buy.Also ask them what they like and dislike about your competitors, because this could provide you with important information.Getting pre-launch feedback enables you to make changes (great and small), so that your offer is more closely tailored to market demand. It&...

...market research expert Stephen PhillipsKnowing what your competitors are doing is an important part of running a successful business. But it's an area that many companies ignore. That's not a good idea in today's difficult market conditions when your rivals could well be keeping their eyes on you and planning how to steal a share of your business."Competitor intelligence is something few firms do well, whether big or small. People tend not to do it," says Stephen Phillips, who has...

...market researchTalk to potential customersDevelop a market propositionDevelop a marketing planLaunch your productMeasure your marketing success1. Understand your marketPlan how you will carry out market research Existing information can be useful (see Conduct market research). But you may also need to talk to potential customers or carry out other primary market research. Quantitative research gives you hard facts and figures about the number of people or businesses you can target, and how they ...

...market research you should have found out what 'prospects' (prospective customers) buy, when, why and (if relevant) who influences their decision to buy. Be aware of their options, too. If your business is the only one that offers what they want, they have less room to negotiate.Be clear on your objectives. The sales process consists of various stages and it might not be the right time to make a sale. And although you should always be looking to 'close' the sale, trying to do...

...market research online, there are a number of pitfalls to watch out for. Chris Brookes and Gill Wales of the Independent Consultants Group offer some in-depth guidanceWhen you're considering doing a survey yourself, don't forget that all surveys aren't the same. It is fine to conduct certain types of online survey yourself, for example: customer feedback on a recent purchase experience; incidence checks (to find out who is buying a particular product or doing a particular thing); ...

bubble is an app that allows parents to pool and book the babysitters their friends use and trust. Co-founder Ari Last reveals how the business got started - from initial concept to funding and product developmentHow did you come up with the idea for the business?Having kids of our own provided the initial spark for myself and my co-founder Adrian. It struck me quite quickly how finding trusted ch...

...Market research questionnaires, surveys and focus groups can be powerful tools for improving your understanding of your market and customers. If you can't find the information you want from your internal records or published market reports, you may need to invest in carrying out your own primary research.Market research techniquesQuantitative research includes surveys and questionnaires. Qualitative research involves in-depth questioning of small groups of respondents. If you're doing ...

...market researchAlthough the very words 'market research' conjure up images of clipboards, questionnaires and researchers pestering shoppers on a busy high street, for most small businesses the solution is much more basic.The key to success can be to spot a gap in the market and tailor your business to fill that niche, so you become the number one supplier within that market. Even if you're a 'me-too' business or if you plan to sell something that's already proved po...

...market research to establish the best sales and communication channels for your target audience.If you serve a niche market or a defined geographical area, some data may only highlight the big picture but ignore important exceptions. For instance, while there are currently widespread closures in the UK pub industry as a whole, those offering good food and ambience in the right catchment area are doing well.Market intelligence like this helps you identify different opportunities and industry tren...