The importance of carrying out effective market research
Why visit Enterprise Ireland’s Market Research Centre?
The end goal of carrying out effective market research is for companies to make better, more informed business decisions. Knowledge of your customers and competition is key to start-up, innovate, grow or scale any business. Carrying out effective market research needs to be done continuously, which will give businesses a strong footing when entering new markets, keeping ahead of competition and avoiding substantial pitfalls. Market research is not just for start-ups to develop a business plan, it should be an activity practiced by existing businesses to look at new opportunities, looking at future trends, or diversifying into the new territories.
This is one reason why Enterprise Ireland’s Market Research Centre is such a valuable resource, as it opens the door for client companies to access world class authoritative research databases. It has the largest repository of business intelligence in Ireland and contains thousands of influential market research insights, available to companies we support. Before starting your market research activity it’s important to establish clear goals that you hope to achieve, and to develop a strategy of how you will gather and interpret the data. Assessing what you want answered from your research can help make the process more effective. The Market Research Centre can help answer challenges like “who are my competitors and what do they offer?”, or “are there international markets for my product or service that could help grow my business?” and “how do I target the right customer?” Carrying out Market Research can even just reassure companies that they are heading in the right direction.
The Market Research Centre has an extensive collection of blue-chip databases such as Gartner, Frost & Sullivan, Mintel and others, who provide authoritative, verified information that is unavailable on the world wide web. Reports covering company profiles, market analyst insights, identifying new business opportunities, sector analysis and key trends are just some of the information that is available. Some of these reports can cost tens of thousands of euro individually, so the value of accessing the service is immense. Business intelligence databases can be quite complex to navigate and that’s why Enterprise Ireland’s Market Research Centre has the expertise of its information specialists on hand to assist client companies as best possible to the most relevant reports/databases available. Involving the expertise of the information specialist allows the company to effectively use their time in the research centre and can try and help answer that burning question or develop a strategy.
Taking the time to execute a market research plan should be a fundamental action for every business. It can be the reason for businesses to develop or grow their company into the Eurozone or tackle challenges like Brexit by helping them consolidate or grow their business in the UK. Analyzing authoritative reports which have been written by market analysts opens doors for opportunities.
To conclude, the importance of carrying out effective market research can empower a company to achieve its goals, become an export success or know how to approach market trends which could challenge their business plan. It can even just help with confirming a company that they are on the right path.
If you’re an Enterprise Ireland client and want to avail of The Market Research Centre’s business intelligence databases, email firstname.lastname@example.org or ring +353-1-727 2859 to book into our Market Research Centre in Dublin, or into any of our eight regional market research centres.