Market research can be carried out at various stages of a business life cycle, from pre-launch and beyond.
Having a greater understanding of your marketplace from the very start will enable you to create a sound business strategy to establish and grow your brand into one that’s better than the competition.
An industry expert will not be fixated on the price of a product or service, they are often more concerned with the value and quality.
Industry influencers make for ideal candidates to use for primary market research, allowing them to use your products or services, garnering their opinion on them and the market as a whole.
Aside from talking to target customers, there is significant value in published market reports.
Many of these are freely available in libraries, business groups and trade associations.
At the Business & IP Centre you can get access to more than £5m worth of current market reports from leading publishers such as Mintel, Frost & Sullivan, Passport and many, many more.
They’re all exceptionally useful for keeping abreast of changing trends and investigating new markets.
If it transpires that your products or services will not be the cheapest it’s best to know now in order to provide compelling evidence to potential purchasers why they should continue to buy through you; perhaps based on quality and reliability.
The industry influencer An industry expert or influencer is someone that is not only highly knowledgeable about your target market, they can influence other prospective customers that trust their opinion.