
Market research is an important tool for any person who wants to launch a business and for small firms looking to grow their business by launching new products or services. Market research involves scientifically-led studies to collect necessary market information, enabling entrepreneurs to make the right commercial decisions.
It's an essential stage in the business start-up process but many entrepreneurs don't do it - not least because of the supposed cost. Market research determines the feasibility of a project and it's a way to adapt a business' strategy
It's important to carry out market research in order to:
- confirm an idea
- make a project credible
- professionalize the setting-up approach
- convince financial partners and others
Market research is an important tool for any person who wants to launch
a business and for small firms looking to grow their business
Online market research has grown rapidly in recent years as a key form of data collection for primary research activities. Online market research offers both large and small research focussed organisations the chance to eliminate the costs involved with face-to-face, postal and telephone data collection. Organisations have begun to realise also the speed and data reliability offered by the internet.
There are a number of benefits to commissioning online research, including:
- Easier targeting of respondents across numerous segmentation variables. Provides access to a precise and qualitative panel which ensures to gather reliable data on sensitive issues.
- Multi-country projects no longer need to be an obstacle to research - worldwide research can be conducted at the click of a button.
- An inexpensive way to conduct large research projects - it is possible to get hundreds of responses for less than a thousand pound.
- Most large research suppliers have access panels which provide an easily accessible, reliable respondent base which can respond promptly to online questionnaires.
- It allows for a very rapid turnaround - research can be undertaken and results received within a few days as opposed to several weeks involved with face-to-face and postal data collection methods.
- Use video, images, audio for richer questionnaire environments.
Marketest is a leading online market research company for business start-ups. They primarily work for start-up entrepreneurs and companies launching a new product or service. For more information visit www.marketest.co.uk [1]