Market research is the process of collecting, sorting and evaluating data for a specific purpose. In business, this is a vastly useful tool for the development and improvement of future products and services, as it answers the first question: “What do my customers want?”
Gaining a solid grasp of the current market trends, one can make viable decisions for future business expansion.
The research can be as quick and simple as a survey, or it can be an in-depth and involved study of an area of the society. Examples of questions vital to any business are:
- Who are my clients?
- What do they need?
- When do they want to buy (day / month / year)?
A correctly approached market research campaign can vastly improve sales statistics