Market research is typically commissioned by an organisation’s product team inline with the requirements from the marketing team. The product team will want to get feedback from potential buyers on the functionality and useability of their product or service, while the marketing team will want to identify their target audience before designing their marketing strategy.

Marketing teams will undertake market research to identify who they are targeting this product or service to and where to direct their marketing initiatives. For example, a focus group with potential buyers will tell them the age range, occupation, and lifestyle of their target audience as well as where they consume content i.e., social media, online magazines, newspapers etc.

Market research should be carried out in the early development stages of a product or solution. Product testing in the early stages of development will allow your product team to make changes before sending the product to market.

Marketing teams should conduct market research prior to implementing any marketing campaigns. This will ensure that they are targeting the correct audience as well as marketing in the relevant locations.