Market research is a vital part of the planning stage of starting a new business. Read more: https://www.robtolley.com/tips-for-starting-a-business-in-2024/

1. Starting a
Starting a
Business in 2024:
Business in 2024:
Rob Tolley
T H E I M P O R T A N C E O F M A R K E T
R E S E A R C H

2. 2
Market research is a vital part of the planning stage of starting
a new business. It involves a business gathering feedback on
its products and/or services and collecting information on the
relevant marketplace. This can give start-up businesses vital
data on both their potential customers and competitors.

3. 3
The Importance
of Market
Research
Starting a Business in 2024:
Primary and Secondary Market
Research
There are two types of market research: prima-
ry and secondary. Primary market research in-
volves quantitative research, such as surveys,
questionnaires and interviews, and qualitative
research, such as focus groups, in-depth inter-
views and observations. Quantitative research
is about collecting numerical data that can be
used for statistical analysis, while qualitative re-
search is designed to get to the bottom of the
reasoning behind consumer actions, opinions,
needs and wants.
Secondary research typically involves public
sources, commercial sources and educational in-
stitutions.
The Benefits of Market Research
There are lots of benefits to start-ups of con-
ducting market research. It allows a business to
test the concept of its product or service be-
fore going to market and discover what needs
tweaking. Market research also lets new busi-
nesses identify exactly who their customers are,
potentially recruit investors using data-based
profitability projections and, ultimately, increase
their odds of survival.
There are lots of benefits to start-
ups of conducting market research. It
allows a business to test the concept
of its product or service before going
to market and discover what needs
tweaking.

4. For more information about this topic,
visit the blog of Rob Tolley.
ROB TOLLEY