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 In its broadest definition, market research includes everything that provides information about your current or potential markets. The three broadest categories are shown below.
Researching current customers Customer research can define what types of people are using your products or services, for what purpose, in what situation, and with what attitudes and opinions. Almost any aspects of a company’s business can be researched to ensure the best possible operations are in place, be it basic processes management, complex niche branding development, or the strategic reduction in customer churn or lost value.
Researching potential customers These are market research projects with a wider scope, conducted to find out how the products, brands or services provided by you and / or your competitors are used and perceived in the overall market. This research is especially valuable for identifying customer acquisition opportunities.
Market share information This information is descriptive information about what is actually being bought and consumed in the market. Examples include supermarket scanning (what’s being bought?), radio, television, and internet ratings, or readership and circulation data. In markets dominated by a small number of businesses, who cannot obtain such data through existing research or government statistics, market research companies can sometimes establish specialist data-sharing progammes to enable this data to be collated on a confidential basis.
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