The practice of obtaining data about consumers and the market to assess the potential of a product or service is known as market research. Interviews, surveys, focus groups, and analysis of industry data are all examples of market research.
Market research is to get a deeper understanding of prospective consumers, how well your product or service fulfills their requirements, and how it stacks up against offers from other companies.
You may undertake primary and secondary research, respectively.
1) To discover more about your clients or your target market sector, you must do primary research. It helps you develop consumer personas, segment your market, and enhance your offering to serve clients better.
2) Secondary research is done using information that you didn’t still need tor. You may learn more about your target market segment and industry by consulting industry studies, public databases, and the confidential information of other businesses