smallbusiness.co.uk: Helping your business think big

Are you working too hard?

News that UK entrepreneurs are clocking up 50-hour weeks will...
Have your say »

RSS

Market research beneficial, says consultant

Jun 27 2008

Market research beneficial, says consultant

Asking customers what they want from a business can be 'very beneficial' for entrepreneurs who would like to improve their firm's performance, a consultant claims.

Simon Lidington, chief exchanger of independent consultants' association the Insight Exchange, said that effective market research can be 'indispensable' to companies.

He explains: 'If you want to know how to improve the saleability of your product or service, or how to improve customer satisfaction or experience, the best people to ask are consumers and customers'.

Lidlington, who is also vice-president of consulting association the Market Research Society (MRS), says that small businesses can learn from larger firms, many of whom have a devoted research department.

Ideas from customers can also lead to innovation and insight, he adds.

According to an MRS survey, in 2007 the UK market research industry revenue rose 2.3 per cent to an estimated £1.8 billion.

Comments

There are currently no comments on this article

Prize Draw

Enter our prize draw!!

You've probably noticed smallbusiness.co.uk has a brand new look. You can personalise the homepage to suit your needs and there's lots of new content including video, blogs and the small business resource centre.

We're interested to know what you think about the new small business site, so we'd like you to take this opportunity to have your say. All entrants will be entered into our free prize draw to win a bottle of champagne provided by our partners at Laithwaites! Enter here

Polls

Latest News

Realistic view 'should prevent recession'

A cautious attitude towards the future among small business owners should help prevent recession, according to the Institute of Chartered Accountants for England and Wales (ICAEW).

Tenon Forum: SME owners cynical about Olympics

Entrepreneurs are cynical about the benefits the 2012 Olympic Games, with only one in ten believing the event will be a boost to their business, a poll finds.

Family brand identity 'helps sales'

Marketing a firm as a family business can help increase sales, a new study finds.

May's high sales called a blip

Slower sales figures from June showed that the increased spending levels in May were a 'start-of-summer blip', according to the British Retail Consortium (BRC).

CBI hails importance of IT in business

A new report from the Confederation of British Industry (CBI) has highlighted that IT has a range of benefits for British businesses.

CBI: Small business may suffer from lack of diversification

Specialisation may cause small businesses to suffer in the event of a recession, the Confederation of British Industry (CBI) is warning.

CBI: Small business may suffer from lack of diversification

Specialisation may cause small businesses to suffer in the event of a recession, the Confederation of British Industry (CBI) is warning.

BCC highlights recession risk for UK firms

The British Chambers of Commerce (BCC) has claimed that the UK is in "serious risk" of a recession in the upcoming months.

Retail body says clothing sector has best e-commerce potential

Fashion and clothing has the best potential for growth for online businesses, an e-commerce industry body claims.

Europe to cut SME red tape

EU legislators have promised to reduce red tape for small and medium-sized enterprises (SMEs) in member states with the publication of the Small Business Act.

'Curious' rise in retail spending

The chancellor has called the record rises in retail spending experienced during May 'particularly curious' in the light of the credit crunch.

Guides & Tips

Your company in 30 seconds

‘What do you do?’ is a question that can put even the most seasoned business brain under pressure. Craig Fisher, founder of business consultancy The Sales Expert, explains how to put together a concise and compelling elevator pitch.

Naming your price

Setting the right price is crucial, but using it to win business often demands a subtle touch. Three company directors tell SmallBusiness.co.uk how they use pricing in sales negotiations

Redefine your market

If you’ve hit a ceiling in terms of your rate of sales and number of customers, it may be time to find pastures new. Three owner-managers explain how it can be done

Don't Miss

Seven ways to boost sales

If you’re struggling to pep up your sales strategy, here are seven sure fire tips to bolster your bottom line

Marketing an SME online

In this web seminar an expert panel from BT, Cisco and a top online marketing agency explain how you can make sure the web is working for you and discuss how small businesses can market themselves online.

Making your website accessible

Most businesses are aware of the Disability Discrimination Act (DDA), which aims to stop discrimination faced by disabled people in accessing a company’s goods or services, but many don’t realise that accessibility also applies to their websites.

Store

FT Guide to Personal Tax

Formerly the Lloyds TSB Tax Guide, the FT Guide to Personal Tax is now published by Pearson Education. Written by Sara Williams, CEO of Vitesse Media Plc and Jonquil Lowe, this unique guide gives step-by-step advice to completing your tax return as well as 100 tax-saving tips.

FT Guide to Business Start Up

Formerly the Lloyds TSB Small Business Guide, the FT Guide to Business Start Up is now published by Pearson Education. Written by Sara Williams, CEO of Vitesse Media Plc, this unique guide has sold over two million copies. It offers practical advice about starting and running your own business.

Growth Company Investor

Growth Company Investor is widely recognised as the leading magazine for investors interested in AIM and smallcap companies. Published 10 times per year, and brought to you by an award-winning analyst team, it offers subscribers unrivalled insight into high-potential smaller companies. Subscribe today with a 50% discount in your first year.