Market research
Strategy and planning
Strategy and planning
Market research is gathering data on customers, competitors and the market so decisions rest on facts rather than assumptions.
Qualitative research (interviews, conversations) explains why something happens; quantitative research (surveys, data) shows how often.
For most SMEs, ten customer conversations produce more usable insight than a report full of market figures.
Related terms
- Target audienceYour target audience is the group of people or companies you want to reach, described by characteristics, situation and buying behaviour.
- BenchmarkA benchmark is a reference value you compare your performance against: your own history, competitors or an industry average.
- Buyer personaA buyer persona describes a typical buyer: their role, goals, doubts and the questions they ask before deciding.