Market research for your business
Market research helps you to understand your customers, your competitors and your industry. It will tell you:
- who your customers are, what their needs are, and how much they are willing to pay for your product or service
- who your competitors are, what they sell and for what prices.
Market research helps you to make decisions about many important areas of your business (e.g. pricing and marketing of your goods and services, the location of your business, how you plan to compete with similar businesses).
Research, develop and review
Market research is a cycle. You research your market, develop and implement a marketing plan, review and improve, and then begin the process again. Sound market research will help you to understand how you can compete with similar businesses, attract new customers, and take advantage of opportunities.
Learn more about market research.
Research your customers
- Who are your customers? Where are they? When will they buy? Why will they buy?
- What does your target market expect of your business in areas such as price, performance, reliability and presentation?
You could survey a wide range of potential customers in public places such as shopping centres. Find out about your customers need and preferences by asking them for feedback after they contact your business.
Learn more about researching your customers.
Research your competitors
- What products or services do your competitors sell, and for what price? How do they market their business?
- What are your competitors' current turnovers, market shares, pricing structures, availability of products or services, supply chains and competitive advantages?
You can find valuable information about your competitors by reading their marketing material, contacting their suppliers, contacting licensing bodies, shopping in their store and reading their website.
Learn more about responding to competition.
Research your industry
Are there any political, legal, economic, social and cultural issues that will affect your business?
Research your industry and the wider world by staying in touch with mainstream newspapers and magazines, and new media such as blogs. Read trade journals, become a member of your industry association and attend industry expos and trade shows.
Finding accurate information
There are many ways to conduct general market research, but it is crucial that you obtain data and information that is specific to your business.
Use our market research kit to find key economic, demographic and statistical information that relates to your industry.
- Watch the Tractile video case study for tips on researching a new product.
- Access financial benchmarking data to compare your business against other similar-sized businesses in the same industry.
- Learn more about how to evaluate your business idea.
- Find out about research and development in business.
- Use our competitor profile chart to find a gap in the market.
- Read about how to become an innovative business.
- Learn about the research resources available for business and industry.