BigWales

Market Research

The Internet may be able to help with secondary research - information obtained by others eg reports, articles, statistics, industry reports, trade associations. Use all secondary market research with caution. Ask yourself:
Is it up to date?
Is the source reliable?
Is it relevant to my products and services?
Can I use it to conduct my own primary research?

How to do it
Research for your marketing
It's worth starting with a good basic "how to do it" guide. If you want to know more about the type of information you need, see the Researching Your Market factsheets available through learndirect.

Follow up articles on good business sites such as Clearly Business, Startups.co.uk or any of the websites we have listed to help you run a business.

Barclays have an excellent range of factsheets - you can order free copies direct from the website. You can also get hold of the excellent Barclays Business Opportunity Profiles - choose from 350 free factsheets, each giving information on a different business market. The Barclays Business Opportunity Profile Service provides information for a wide range of business types, ranging from potential customers and competition in each market to start-up costs and marketing suggestions. You can order from the website.

Research Express
An excellent set of links to help you start a business or research your market.

Talk to potential customers and suppliers
Who will you be selling your product or service to? Contact some of these people and take an informal survey.

Talk to people already in the business
This is an excellent way to learn the pitfalls and nuances of running a particular business.

Contact trade associations
Trade associations often conduct research on their respective industries. The Trade Association Forum site includes a searchable directory of UK trade associations. Information on each association includes address, telephone and fax numbers, main contact, and a link to the association's Web site. The Wales Tourist Board site includes research on tourism.

Read newspapers, magazines, trade publications and newsletters
An excellent source for industry statistics as well as information on your competitors. The most complete lists of magazines and newspapers in the UK still seem to be British Rate and Data (BRAD) or Willing's Press Guide. Both of these are only available online on subscription, but you would be able to find printed copies in your local reference library.

Use industry directories
There are a wide range of directories that can provide you with information about specific companies and industries.
Useful for compiling lists of potential customers, especially if you're selling to industry. Local Yellow Pages will also tell you what other similar businesses there are in your area.

Check our Business Directory links to find some of the most comprehensive listings nationwide.

Trade Partners UK has a good range of information on different industry sectors and different countries, especially relevant for those thinking of exporting.

Consult statistical information
Statistics
Statistics are important when looking at markets and industries and are not just for economists. You can use them to spot declining or rising markets, demographic changes and social trends, research trends and get a wider picture for your product or industry.

Area Profiling
These free sites allow you to build up a profile of any area by almost any criteria with official information. Using these sites provides valuable business location information and market information.

Commercial market research
The Internet can be a good place for checking availability of published research and some companies will offer free samples from some of their more recent reports. One example is
Key Note which includes free executive summaries - sometimes enough to give you the data you need. Other websites include press releases which give you the main findings. However be aware that buying commercial market research is VERY expensive indeed.

Your nearest Business Eye, business or reference library may have printed copies for you to review.

To find out more, consult Key Starting Points for Market Research, from Karen Blakeman at RBA Information Services. An excellent set of links.

The Market Research Society has an excellent range of information and publishes The Research Buyer's Guide, a directory of over 750 organisations offering market research throughout the UK and Republic of Ireland.