To run a successful business, it is essential that you know who your customers are, what they need, and how to reach them. Market research can help you get accurate and specific information about your customers and competitors, which is a critical part of starting or expanding your business.
Market research can help you:
- better understand the characteristics and preferences of your customers
- identify opportunities to increase sales and grow your business
- monitor the level of competition in your market
- reduce the risk in your business decisions
- develop and complete your business plan