BEST PRACTICE: Getting the most from market research
In business, information is key to everything and carries a very definite competitive advantage. Whether you need to assess the success of a new widget or work out how your business is doing generally, knowledge of your customers' opinions is hugely valuable. For SMEs market research is vital something that should be exploited to make fundamental decisions about how and where to grow the business.
Market research can be conducted on an ad hoc basis or as a continuous assessment of the business. Occasional or one-off research is important for developing new products or services. Customers are asked what works best, what appeals, etc., so that when launched the product/service is as close to customer requirements as possible.