Understanding market research methods is essential for UK businesses looking to reduce risk and make informed decisions. Market research helps you learn more about your customers, competitors, and industry trends—giving you the insights needed to grow your business strategically.
The purpose of market research
- The main goal of market research is to reduce risk and make better decisions. By gathering and analysing data, businesses can identify opportunities, test ideas, and avoid costly mistakes.
- Qualitative Research
Focuses on understanding customer behaviour, motivations, and opinions through interviews, focus groups, and observation. - Quantitative Research
Involves collecting numerical data through surveys, polls, and analytics to identify patterns and trends.
Using data in market research – the role of social media
- Social media platforms offer valuable data for market research. You can track engagement, monitor sentiment, and analyse customer feedback in real time. This helps businesses stay responsive and relevant.
You can carry out your own research using simple but effective techniques:
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- Survey your customers to gather feedback and preferences.
- Build user personas to understand different customer segments.
- Interview and observe users to gain deeper insights into their needs and behaviours.
You can also undertake your own research by (1) surveying your customers, (2) building user personas, (3) studying your users through interviews and observation
