Staying aware of demand
Market research is crucial for any business, especially when starting or expanding. It helps you understand your potential customers, their preferences, and how much they are willing to pay. 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, knowing your customers, pricing expectations, competition, and the importance of location is vital. Existing businesses also benefit from market research to stay ahead. Do not 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, and business-impacting changes. Stay informed and adapt, to thrive in today's competitive landscape.
Sources of market intelligence
Commercial data analysis and reports
Speak to a Small Business Adviser
Our Small Business Advisers are on hand to help. Book an appointment on Advantage or call +44 (0)161 295 0023 (option 5).
Appointments are available for current students and graduates of the University of Salford only.