Home Articles Do you really know what’s going on in your market?

Do you really know what’s going on in your market?

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When was the last time you undertook intensive research on your audience or competition?

Having up-to-date market knowledge is essential when it comes to planning your strategy and setting your business goals.

Markets are constantly changing. By now last year’s research may well be out of date.

A quick guide to market research and the questions you need to ask your customers

There are two different types of research: primary and secondary.

Primary research is information you obtain directly and secondary research is information that’s been compiled by others – often industry professionals or associations.

To ensure a balanced view of the market it’s important to include both types of research in your analysis.

Ask your customers some of the following questions as part of your primary research efforts:

  • What products and services are available in your market and what are their prices?
  • What do your customers think is a reasonable price to pay for your product or service?
  • What are your customers’ main complaints about the products or services currently available?

Secondary research often focuses on issues which affect the entire industry.

These include expected growth, outside influences (the development of new technologies or societal trends that could impact your product or service) and the actions of the main players in your particular industry.

Once you’ve completed your market research, you can start to set goals and work out your marketing strategy.

Jo Macdermott is the chief Marketing Consultant from Next Marketing in Melbourne. Next Marketing is a full serviced Marketing Agency working with small and medium sized businesses.

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