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During the early stages of starting a business it is vital that you research your potential market. Market research will enable you to ascertain
- How much of a demand there is for your product or service
- Who the consumers are likely to be
- What the competition is like
- What similar products/services are available on the market.
- Whether it is a growth market
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The importance of market research for new businesses is summed up in the following quote by Business Link
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'In many cases new businesses fail because they have not spent enough time on researching their business idea and its viability in the market' Business Link - The Market Research Check
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Market Research is an important component of your business plan - it will back up your ideas, demonstrating credibility to potential partners and financial insitiutions.
Market Research consists of two main types:
- Primary or field research
- Secondary or desk research
This usually involves gathering new data from face-to-face interviews, by focus groups,by telephone, by post or via the Internet using questionaires. Primary research is advantageous as it allows you to take control by asking specific questions relevant to your individual needs.
Primary research will be especially useful if you live locally as you will be more able to go out and speak to potential customers and observe the competition.
For advice on conducting your own primary research see the following
- Start your own business 2009 - The ultimate step-by-step guide Crimson Publishing
- Market research questionaire - a guide to using a, Cobra
- Researching a market for business start ups, Cobra
- How to research your business idea - www.entrepreneur.com
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Secondary market research is research that has already been published. This information can take many forms such as industry reports, trade association reports, official statistics, trade journals and market research publishers. Some of this information is free and available through the internet, however market research can also be very costly especially to a business start up.
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The Business and Patents Information Service is an excellent place to start with your secondary research. We can help you with your research and provide access to databases published by some of the leading market researchers.
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| Market Research Collections |
Mintel Reports 
Mintel is a leading publisher of consumer-based market research. It is regularly quoted in the press and used by many leading businesses. Mintel reports provide detailed market information on size, trends, forecasts and segmentation. In-depth consumer profiles providing purchasing habits and attitudes can also be found.
Download/Print Factsheet
Keynote Reports 
Keynote provides a comprehensive databases with in-depth market analysis in the consumer, financial, industrial, business-to-business and lifestyle sectors.
Titles are available within the following ranges
- Key Note Market Reports
- Key Note Market Reports Plus
- Key Note Market Reviews
- Key Note Market Assessments
Download/Print factsheet
MarketLine 
Marketline provides a comprehensive collection of international reports, rankings and news covering all of the major industries and many niche markets across the globe. It contains over 2000 industry profiles covering topics as wide ranging as confectionary in South Korea, beer in Ireland and bottled water in New Zealand.
Statistics
Economic trends, consumer behaviour and regional demographics can often be found online. The following sites may be useful
Further information regarding statistics can be found here
Trade Magazines
Trade magazines are great for keeping upto date with the latest developments within specific industries. They often provide important market information, information about competitors and indications of any new innovations and marketing campaigns.
Access hundreds of trade and business journals available though your library service by clicking on the links to the right.
Online buying behaviour
If a major part of your business is dependent upon online sales and buying behaviour then there are a number of new tools you can use to profile online consumers.
Microsoft has a new product that provides a demographic prediction tool which can predict a users age, gender and other demographics based on their online behaviour. Go there and click on the “audience Intelligence” link. A search for shoes for example highlights females as the main searchers within 18-34 age range. A search for the term footwear shows decrease in the % difference between males and females.
If you click here it will tell you how many times a month people have searched for a particular word on Yahoo, the search engine. It is a great way to find how many people were searching for your product over a given period.
Another crucial component of market research is getting to know what competitors already exist. You need to make sure there is a big enough slice of the market for your own business to survive and prosper.
For start ups with a local presence a good place to start is by searching companies directories online
To find out more about individual companies and their performance visit the Company Information page.
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