Market Research

Do you know if you are targeting the right people for your business? Do they want your product or service and is it at a price that is suitable for that audience? Learn how to undertake market research that will ensure your business hits the target every single time.

Why market research is key: understanding consumer and business behaviour to inform decision making

Duration: 2 hours

Introduction to Market Research

 Definition and importance of market research

Benefits of market research for small businesses

Types of Market Research

Primary research vs. secondary research

Quantitative vs. qualitative research

Exploratory, descriptive, and causal research

Identifying Research Objectives

Defining research goals and objectives

Understanding the information needs of your business

Formulating research questions

Conducting Primary Research

Surveys: Designing questionnaires and collecting responses

Interviews: Planning and conducting interviews with target customers

Focus groups: Organising and facilitating focus group sessions

Collecting and Analysing Secondary Data

Identifying relevant sources of secondary data

Gathering information from market reports, industry publications, and government sources

Analysing and interpreting secondary data

Analysing and Interpreting Data

Data cleaning and preparation

Data analysis techniques (e.g., statistical analysis, content analysis)

Drawing insights and conclusions from the data

Applying Market Research Findings

Using research insights to understand customer preferences and behaviour

Identifying market opportunities and threats

Developing strategies for product/service development, pricing, promotion, and distribution

Monitoring and Updating Research Findings

Establishing a system for ongoing market research

Tracking changes in customer preferences and market trends

Making adjustments to business strategies based on new findings

Conclusion and Next Steps

Recap of key takeaways

Additional resources for further learning