Let’s start by defining market research: it is the process of evaluating the viability of a new product or service through research. This is conducted directly with potential customers which supports businesses to understand their chosen market.
The purpose of any market research project is to increase understanding of a subject. Market researches determine the feasibility of a project and is an essential tool in adapting a business strategy (communication, pricing policy, products, etc.) for the best results.
The second step is to understand the reason why so many ideas fail in a new market. There are several reasons, but what we firmly believe is sometimes people spend more time on the feature of their product than on market research or targeting the right consumers.
Due to the significance of this topic, nowadays, you can find many small companies that can help to collect qualitative or quantitative data around your idea. For example, Marketest would be able to conduct this type of market research.
Marketest provides quantitative market research with an indication on how people think in the UK. With different panels, it is able to administer surveys on your topic and collect data in order to understand if new ideas or start-ups can work in the market selected.
In order to give you an idea of our market research, please see below two of the latest surveys requested by clients.
• Breakfast Survey: the aim of the first survey was to investigate the custom of having breakfast during the weekend and how many respondents would use a delivery service for their breakfast. Interviewed were around 100 private individuals between 25 and 60 years old living in London. Results were collected in less than a week.
• Coffee Consumption Survey: with the purpose to determine customer habits when purchasing and drinking coffee, the survey was administered to around 1100 of private individuals living in the UK and who drink coffee. Results were collected in approximately 10 days since the launch of the survey.
If you want to have a look to our market research studies, visit: http://www.marketest.co.uk/market-research-reports
However, if you want to do market research entirely free, you might opt for Google, one of the best information tools you could possibly hope for, where you can find out a bit about almost anything if you look hard enough.
To sum up, in order to conduct key market research, entrepreneurs should look at all these “small things”, in order to have a general overview and decide the best way for your own idea.
If you would like to find out more about our services, you can contact us at firstname.lastname@example.org or request a free quote at: http://www.marketest.co.uk/quote/index2.php
Brunella Di Flumeri