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Do market research – Business Victoria

Market research involves learning about your:
Market research is essential for starting and running a successful business. It gives your business direction and helps you stay on top of what your customers want.
Market research is useful to assess:
You can also use your findings to:
To run a successful business, you need to learn about your customers, your competitors and your industry.
Market research involves asking the right questions, in the right way, to the right people. This gives your business directions and helps you stay on top of what your customers want, and how much they’re willing to pay for it.
When you undertake market research, you can use your findings in two ways:
Market research involves asking the right questions, in the right way, to the right people.
Follow these 5 steps to research your market:
The first step in the market research process is to define your research objectives. Ask yourself:
By defining your research aims, you’ll be able to keep your research focused and effective.
For example, you might want to decide whether to launch a new product or service. Your research process would then be to assess whether the market will accept your new product or service, and how much they’ll be willing to pay for it.
Once you’ve identified an objective, come up with a list of research questions for your market, customers and competitors. For example:
Questions for your market:
Questions for your customers:
Questions for your competitors:
Read industry reports on the IBISWorld website as a starting point.
There are 2 types of data collection, and both are based on asking questions:
Some common methods for data collection include:
You can conduct a simple ‘yes or no’ survey over the phone, but might need a face-to-face meeting to understand personal choices such as colour preferences.
There are some cheap ways to conduct online surveys, such as:
This step is about organising your results and interpreting your findings. Basically, what have you discovered?
Keep your research objectives front-of-mind when organising and grouping your data. Look for ways you can improve your data organisation – this will make it easier to come to a conclusion down the track.
Here are some tips for data organisation:
One of the most important steps in the market research process is interpreting your findings. What is the research telling you? By answering this question, you’ll be able to understand what the research has uncovered.
Once you have your findings, ask:
Any conclusions you reach should align with your research objectives and your goals for your business.
Review all the data collected:

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