Market research has become a buzzword within the business world. The onset of the internet makes it possible to easily reach thousands of people within your target market in a second, and you can swiftly drown in the resulting information flood. Consumers are unpredictable: should your business change to keep pace with every customer impulse and demand? Is there a way to conduct valid, useful market analysis that you can use to make informed decisions regarding your business? How important is market research?
Understanding how to efficiently and effectively perform market research can not only help you grow and expand your business, it can help you identify the areas within your company that need improvement. When you conduct marketing research, you can use the results either to create a business and marketing plan or to measure the success of your current plan. That's why it's important to ask the right questions, in the right way, of the right people. Research, done poorly, can steer a business in the wrong direction. Here are some market-research basics that can help get you started and some mistakes to avoid.