Market Research:

• To start and run a successful business you need to know all about your potential and existing customers and the marketplace you operate in.
• Market research is a valuable tool for all businesses. Statistics and other market research data help you make informed decisions about the marketing of your business. Using market research, you can understand your potential customers and their needs, as well as what your competitors are doing. 

Why is market research important?

• Obtaining relevant market data and conducting market research can give you a better understanding of your market, your customers and their needs, as well as giving you a better idea of your competitors.
• This greater analysis of your market can help you better focus your marketing efforts, make informed decisions about your business and make the most of available opportunities.
• It's important to regularly assess who your competitors are, their strengths and weaknesses, who your customers are and what they want, and whether there are any gaps in the market.

Ways of market research

• By information you collect through surveys, interviews, and talking to customers and businesses. This kind of direct research can help you discover what your customers' needs are, how your business can improve, what you excel at and what practices other businesses are using.

You can also research your market by using information that has already been gathered, such as government statistics and trade publications.