Market research
Understand your potential customers, their preferences, and how much they are willing to pay.
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Staying aware of demand
Market research is crucial for any business, especially when starting or expanding. By defining your target market and demonstrating your ability to plan, market research strengthens your case for financial assistance.
Even with ample funding, a business can only succeed if people like and pay for its offerings.
For entrepreneurs, it's vital to know:
- your customers
- pricing expectations
- competition
- importance of location.
Existing businesses also benefit from market research to stay ahead. Don't fall behind by offering the same products or services without understanding changing customer needs and competitor offerings.
Market research provides a structured way to track:
- customer trends
- demands
- business-impacting changes.
Stay informed and adapt, to thrive in today's competitive landscape.
Resources
Sources of market intelligence
- Cobweb Cobra - Market opportunities outlined by sector
- Office for National Statistics
- Government Statistics
- Department for Business, Energy & Industrial Strategy
- The World Bank
- Europe Statistics
- UK Trade Info
Trade publications
Commercial data analysis and reports
- Mintel
- Plimsoll World
- Kompass
- Market Research Society (MRS) publishes the Research Buyer's Guide and guidelines for carrying out market research.
- Retail insight
General resources
Speak to a Small Business Adviser
We're on hand to help.
Appointments are available for current students and University of Salford graduates only.