Market research is the process of gathering information about your target market and the

competitive landscape. It helps businesses understand what their customers want and need,
how much they are willing to pay for it, and how to best reach them with their marketing
message.

Here are the two main types of market research:

 Primary research:This is research that you conduct yourself, such as surveys, focus
groups, or interviews.

pen_spark

Opens in a new window

www.qualtrics.com

Primary research market research

 Secondary research:This is research that has already been conducted by someone

else, such as government reports, industry publications, or market research reports.

Opens in a new window

www.driveresearch.com

Secondary research market research

Market research can be used for a variety of purposes, such as:

 Developing new products or services

 Identifying new markets
 Pricing products or services
  Developing marketing campaigns
 Understanding the competition

Here are some of the benefits of conducting market research:

 It can help you reduce your business risk.

 It can help you make better decisions about your business.
 It can help you improve your marketing ROI.
 It can help you stay ahead of the competition.