How a startup can use market research to better understand its customers

1. Understanding Customer Needs

2. Why understand customers? Because they are all different

5. The answer – market research

7. Secondary data – main sources Google A great way of getting quick market research for free Government departments Provide detailed insights on the economy and on many industry sectors Trade associations Most industries have an industry association - they are a great source of market analysis Trade press & magazines Essential reading for an entrepreneur, particularly if he/she has little or no experience of the market Competitor websites & marketing materials Valuable information on marketing activities of competitors Market research reports Mintel and Keynote produce a wide variety of expensive reports that analyse individual markets

11. Remember The entrepreneur can learn much about customers needs simply by chatting to customers, rather than buying expensive market research

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