Sources of Information for Market Research

In these processes, the second stage is one of the most important and also the hardest
stage to complete. The quality of the research in large part will rely on the quality of
the data collected from the market. Information about the markets can be covered
by different sources.

Here, I will mention some possible sources that you can use in order to collect the
required data from the market:

1. Current customers

Collecting data from the current customers will depend on your own creativity. You
can collect data simply asking for customer’s feedback. Also, you can collect this data
from your sales team, which is in continuous contact with the customers. Information
received directly from your customers is one of the most valuable information for you.
This information will bring you a really good background for your research. Your
current customers also can tell you what your strengths are and more
importantly your weakness.

2. Business magazines

Business magazines are valuable sources of business information that can be useful
for the purpose of your market research. In magazines, you can find already finished
analysis that can be valuable for your business. You can find information about your
customers, competitors, or different marketing campaigns in the industry.

3. Surveys

Surveys also can be used to collect information about individuals and their opinions
about the different products on the market. This is very valuable information for
every business. You can use customer surveys, random interviews, feedback sheets,
phone surveys, web-form survey, a survey in email campaigns, and so on.

4. Government agencies

Government agencies collect the most important statistical information about

markets. Also, they give some type of forecasting related to the specific markets.
Contact these type of agencies and ask for information about your target market.

5. Internet

The internet is an unlimited source of information. Google is a good starting point to

see what an internet user search for. You can also use Google’s trends that can give
you valuable information about trends in the search engine. On the internet, you can
find various already finished analysis that you can use for the purpose of your
research. Read more about how to use google search data to improve your business
offer.
As you can see, required and need information can be everywhere around you. The
key point is simply to start noting information and use it for your market research
and decision-making process.