The Oxford dictionary defines market research as the action or activity of gathering information about consumers' needs and preferences.
This assists a company in identifying target markets, reevaluating products and services, and adjusting their services and products to meet demand. It can also be used to bring businesses together.
By looking at some examples of market research, a company or entrepreneur can get a feel for how it can help them utilize this method of research and promotion.
A major law firm is interested in selling their services to government agencies. By researching state attorney general offices, the firm is able to use contact information, size and other data to branch out.
An entrepreneur wants to start a business providing photography services. By using market research, he discovers his type of photography is not in demand, and he decides to go into a different direction before investing too much money into that type of business.
A legal publishing company wants to market various products to different types of law firms. Market research identifies the types of practice areas (such as intellectual property, estate planning or litigation) that can use their products, as well as the contact information for these law firms. Contact information can include: individual attorneys, librarians, size of firm, and administrators.
A client is looking for legal representation. In depth research of various law firms and their clients is conducted regarding a very specific area of practice, so that the client could choose the best fit.
Businesses change, and clients move on. Market research can help identify former clients, retrieve contact information, and find out what they are doing and how their business is progressing.
There are numerous studies and examples of market research. It can be as extensive as a nationwide yearlong study, or as simple as a few phone calls. Whatever form you choose, it should be tailored to your business, ideas, and expectations.
Balkin Information Services 1/24/18
Written and edited by Susan Rubinstein from examples provided by Ruth Balkin
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