It's an ongoing process that involves using data to drive decisions related to running your business. Conducting market research involves collecting data to be analyzed. Data can be collected through various processes, and the method you choose depends on what you are hoping to discover or better understand about your market. Once your data is collected, it takes careful analysis to come to any conclusions or understanding. But if done right, the results will make all your business decisions smart ones.
Market research has definite value.
It gives you the information you need to make smart decisions about your business, so your revenue increases. In fact, your ROI on market research often exceeds the cost of conducting the research. Proper market research helps you determine how to correctly target your marketing campaigns identify opportunities in the marketplace determine what you are doing wrong as well as what you are doing right identify your customers' specific needs uncover problems with your business that may not have surfaced otherwise evaluate your success with measurable data Secondary research Even though its name may imply otherwise, secondary research is where market research usually begins. Secondary research is conducted by consulting published reports from trusted sources in order to find out who makes up your target market what the needs of your market are the size of the potential market Secondary research is less expensive than primary research. It's often free, in fact.