Market Research

Research - Test - Define

If you are thinking of starting your own business and don't know where to start; or you have an idea but want to find out if it's viable; or you simply want to know what it's like to be your own boss. This section is for you.

The value of market research

Market research is, in very general terms, a means for providers of goods and services to keep themselves in touch with the needs and wants of those who buy and use the goods and services.

It is the design, collection, analysis and reporting of research intended to gather data relevant to a particular marketing challenge or situation.

Is it necessary? YES!

Somewhere between having that ‘light-bulb’ moment and actually starting a business, there’s a process you need to carry out that essentially determines either your success or failure in business. Often, would-be entrepreneurs get so excited about their ideas; they forget to find out whether that idea is viable. Without market research there is a risk that consumers do not need or want the product or service. There is a danger that retailers would not want to sell a product or the possibility that the price you want to charge is too high. Market research is imperative for a company to know what type of products or services would be profitable to introduce in the market. Also with respect to existing products in the market, good research enables a company to know if it has been able to satisfy customer needs and whether any changes need to be made.

Get the knowledge you need

Business Need > Relevant Research > Informed decision > Happy Customer > Profit

Many people have tried to start their own business without acquiring the business knowledge and information they need to make their business a success – and their businesses have failed. To start a business you have to be knowledgeable about many different aspects of business and have many different skills…or at least have done the research to find and hire the people who have the skills you lack. Research can be seen as a burden for businesses that don't have the hours, desire, resources or knowledge to know what they should be looking for or where to start looking. And with research being a key area that can determine success or failure, either doing it yourself or employing an expert in this field is a wise investment, saving you time, effort and money.

Market reseach can be essential to..

Keep pace with the competition - One of the biggest mistakes new entrepreneurs and small businesses make is failing to recognise their competitor’s. Consumer loyalty doesn't just happen; you have to earn it. If you don't take care of your customers, your competition will. We will help you to watch your competition as closely as you do your own employees.
Be an expert in your field - Without wanting to burst your entrepreneurial bubble, sometimes business owners believe so strongly in what they are doing, that they ignore other, differing opinions. There is a difference between following your instincts and going forwards with blinkers on.
Innovation and idea generation - Some businesses never change, and they may lose their market share when a new company comes along with a new way of doing things. New ideas are the currency of successful businesses and with relevant research you can keep one step ahead when it comes to innovation. Do you schedule time each quarter to brainstorm new ideas for your business?
Effective marketing and unique selling point - Do you have a business that sells the best product at the best price and still fail because no one knows it exists. We will help you get the word out about your product, which is critical if your business is going to have any chance of becoming the thriving venture you think it can be.

Expert Advice from

Researching your market sector?
Access practical reports that review the current trends in over 60 UK markets, covering regulatory issues, emerging business opportunities and essential sources of further information. To find out more about researching your target market, click here.

Starting a business?
Find practical profiles that review the legal requirements, start up costs and training needed to set up hundreds of different types of businesses. Profiles also provide hints and tips for researching customers and competitors, and list essential sources of further information. To find out more about your business start-up, click here.

Here's how to do your research?

Is starting a business right for you

Why do Market Research

There are huge advantages to starting your own business with the biggest being you are your own boss. Research has shown that people who have control over their own lives are happier and suffer from less stress. Not that you won't have many challenges to overcome and at times you may even think having the security of a job is easier. Maybe at times it will be but ultimately having your own business can be much more fulfilling.