Market Research

The process of gathering, analysing and interpreting information about a market, about a product or service to be offered for sale in that market.

 

This can be identified through direct observation, mail surveys, telephone or face to face interviews.
Understanding your customers and their buying habits can help you sell more effectively, compete with other suppliers, target new customers and identify new opportunities.

 

Why?

 

Running your business is a full-time job. It may be that you would like to introduce a new service, product or process into your business, but before you push ahead with it and spend too much money, you may want to get some market research to ensure that you make an informed decision.
An example would be where you have a product in numerous outlets throughout the UK and you are thinking of changing that product by adding to or taking something away from it. By contacting your existing outlets and asking them specific questions you can collate feedback to see what your customers currently like and don’t like. This may then either endorse your idea for change or may deter you from making that change, either way, you don’t waste money. You need to consult a good representation of customers and a reasonable sample to make that informed decision.

What else might you want from your market research?

 

You may want to look at what your competitors offer and see how you measure up against them. Is the demand for your product or service increasing or decreasing? Are your customer requirements and buying behaviours changing? Market Research may help you identify why this is happening.

The cost for this would be based on a day rate of £225 plus any travel / accommodation costs.

Why Steadcross?

 

We offer flexible and affordable services and you are not locked in to long-term contracts. You will buy our time to carry out the work you may not be able to progress due to lack of time or the necessary skills.

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We’ve helped a client increase their turnover from 1million to 7 million in just three years.