Market Research

Market Research

Market research is the collection and analysis of information about markets, organisations and people to support better business decisions.  In today’s competitive business environment, the more knowledge a business has about its customers, the more likely it is to succeed.

Market research works because, by talking to a relatively small number of people, it is possible to find out about a far larger number. However, it only works if the people who are interviewed (the sample) are a representative subgroup of the total group of interest (the universe). The universe might be, for example, the population as a whole, parents, car drivers, finance directors, IT managers or supermarket buyers.

Provided a representative sample is identified and, critically, the right questions are asked, market research can deliver significant profit from knowledge. When planning a sales initiative or programme, it can provide vital intelligence on specific targets, their attitudes and buying patterns.

In addition, it can minimise potential risk and avoid wasting both time and money.

More specifically, businesses can use market research in the following ways:

  • A key benefit of market research is to help businesses better understand their customers. Through ‘usage’ and ‘attitude studies,’ organisations are able to assess a range of intangibles – such as the level of contentment among customers or individual preferences – thereby helping to secure customer loyalty. As a result, businesses can more effectively target resources at particular groups or better understand their purchasing patterns.
  • In addition, market research can help in the development of new products and services. Product development research is widespread and enables businesses to identify the most lucrative areas for a new product or service. It can also help to determine the most appropriate and profitable launch programme, as well as ongoing activity to support the sales effort such as advertising, marketing, promotions and PR.
  • Internally, market research can be used to learn about and monitor satisfaction and morale amongst the team. It can help to improve internal communications, identify areas of dissatisfaction and highlight internal activities and initiatives which could help to boost individual and team performance.
  • Effective market research can also help businesses to gain an understanding of the competition. By embarking on competitor analysis, usually based on desk research, organisations are able to examine the strengths and weaknesses of their main rivals and emerging, smaller competitors. As a result they can learn from other mistakes – or successes – and target new markets or business opportunities.

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  • We have been so impressed with the standard of work delivered by Mackman. They are lovely people who are committed to offering a quality service, and we have found them to be responsive, informed, thorough and personable. The final presentation of results was incredibly well put together, delivered with clarity, and gave us more insight than we had hoped for. We have immediately instructed them to carry out further work for us as it is not often that services exceed your expectations.
    Recruitment Agency
  • It was a great piece of work which confirms feelings we have had about the business and this data is invaluable in substantiating this information. This evidence will help EOS improve and make precise business decisions for the future.
    Electrical Oil Services Ltd (EOS)
  • We try very hard to communicate well with our customers and the information we have gathered from the survey will be invaluable in helping us to refine the way we work. In particular we have really key information to enable us to promote and assist with digital inclusion. We also now have information that will help us to communicate differently according to customer preferences.
    Greenfields Community Housing
  • Eastern Inshore Fisheries and Conservation Authority contacted Mackman with a brief to carry out an awareness campaign. Immediately, we felt that they understood the requirements of the research and they took reasonable time to consider a sound and practical methodology to meet the demands of the project. The research team were easy to talk to, enthusiastic and worked hard to bring the project in on time and to a tight timescale and budget. We were impressed by the final report showing comprehensible results and recommendations. An additional presentation which we requested covered everything we defined in a concise and practical solution. This report is a valuable study: The results have given our organisation a benchmark for future engagement with our key stakeholders, helping Eastern IFCA continue to make an impact on the work we do to sustainably manage inshore fisheries in Lincolnshire, Norfolk and Suffolk. We are looking forward to making the most of the research, to create and deliver a targeted engagement activity programme. I have no hesitation in recommending Mackman; their work is of an extremely high standard and they are a pleasure to work with.
    Eastern Inshore Fisheries and Conservation Authority
  • After meetings with various companies regarding a customer and an employee satisfaction survey, Mackman were chosen. In our initial meetings they showed that they understood our business and what we were trying to achieve. As a company we had never outsourced our customer and employee satisfaction surveys before, or linked the two and wanted to ensure we got it right. We felt confident that Mackman would help us achieve this. I also liked the thought of working with a local company. I felt it would be more cost effective and liked the idea of having a company close to hand in case of any issues. I would not hesitate to work with Mackman again. The staff are friendly and approachable and took the time to understand what we are trying to achieve. They always kept me updated on progress; they are enthusiastic, knowledgeable, have a ‘can-do’ approach and never missed any deadlines set.
  • I found the entire team at Mackman to be driven to achieving the best result for Baker Tilly. I valued their persistence to get the job done. They communicated regularly with me and kept me informed about milestones and possible delays to the project well in advance so I could take appropriate action and ensure the project was kept to schedule. The final report of the results was presented in a clear and easy to understand report. The report is invaluable to us as we use it to determine our marketing approach and plan our business development campaigns for this audience. From the report, we have been successful in gaining many PR opportunities (including front page coverage with the Financial Times). I'd be more than happy to recommend the Mackman Group.
    Baker Tilly London