The UK's market research industry is currently worth over £5 billion, consisting of over 3000 businesses and employing upwards of 40,000 people. Market researchers conduct investigations around consumer behavior, values, and their opinions. These insights are provided to businesses surrounding their target market. Additionally, market researchers put together information about political, economic, and social issues affecting demand and opinions.
Businesses are not the sole users of marketing analytics consulting. The media, political parties, NGOs, and public service providers also capitalize on market research for answers around their consumers or target audience.
Market research is critical for businesses to understand the types of markets they can penetrate, the kinds of clients they encounter and put together vital information about the market to ensure business decisions are more precise. One of the reasons market research services faced increased demand within the UK is because 99.9% of UK businesses are SMEs. For companies getting off the ground, market research can seem like a heavy investment. Market research companies have been quick to pick this up and offer customizable service options. Startups and small businesses are able to pick and choose what information is of priority to gather with the guidance of field experts. The end result is more fluid market comprehension and better business decision making.
The scope of market research services extends as far as needed. The two main core types of research procured;
1. Primary research - This type of research includes understanding sale success rates, the quality of goods and services provided by competitors, dissecting competitors' communication methods, and providing information about active competitors within the same industry. For retail companies at any size, using this data can help streamline internal activities to maximize sales and revenue while minimizing waste of both time and resources. The field-based research offers businesses an opportunity to understand activities from a consumer perspective in real-time.
2. Secondary research - This type of research includes examining company reports, surveys and studies, reports within newspapers and data provided by the government. The existing and verified information assessment allows organizations of any kind to procure in-depth data about their area of business or concern. To understand past and present market patterns and trends, conducting secondary research can be extremely useful.
Talking to market research companies in any environment as a business/organization owner can offer insight that may not be taken into consideration. These critical data points offer guidance towards more successful operations and stronger relationships with clients/consumers.
