Updated
Market research collects and analyses information about customers, competitors and markets. It helps base decisions about products, prices and marketing on data rather than guesswork.
Types of market research
- Primary research: your own data collection, such as surveys, interviews or tests.
- Secondary research: analysing existing data such as statistics and studies.
- Quantitative: numbers and volumes, for example how many people buy something.
- Qualitative: reasons and motives, for example why they buy it.
Affordable methods for smaller businesses
Plenty of answers come from free online data: search volumes in Keyword Planner, trends in Google Trends, search queries in Google Search Console, competitors’ reviews and questions in forums. Add short conversations with customers and a competitor analysis.
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