Market research helps you find out about your customers and the actual and potential market for your products and services.  It can include specific research projects as well as your day-to-day contact with customers and others in your industry.  You should also maintain an awareness of local, national and international economic and behavioural trends which could impact upon business growth.

The first source of information will be your existing or potential customers.  You will find out a lot by keeping in regular contact, such as why they did or did not choose your products.  A good relationship with your customers helps you discover what they see as your strengths and what criteria they use when making a purchasing decision.  Follow up any complaints as they could indicate both where you are going wrong and what opportunities for product development exist.

Are your products and services aimed at all types of customer, or do you have a particular market segment?  Are you selling to consumers or other businesses?

For consumers your target market may be described by age, income, location, social class, and any number of other factors, depending on what you offer.  For business customers industry sector, size, location and channel of distribution are all important.

Your research also needs to cover the competition, who they are and what products and services they provide.  How do your prices compare with similar products and services in your area?  What features could be used to distinguish your offerings? 

The methods you use will depend on your own skills and knowledge in this area, your budget and your market.  If you need help with finding information, qualitative or quantitative research Business West provides specialist business information services. For help in putting together a marketing strategy, Business West has qualified advisers and contacts with marketing consultants.

Bristol City Council can provide facts and figures about the Bristol economy.  The Central Library has a comprehensive business section and librarians who can help with research.

Further details on market research can be found from the Market Research Society

Intelligence West is a directory of data and links to sources of data for the West of England sub-region, which covers Bath and North East Somerset, Bristol, North Somerset and South Gloucestershire. 

The 2001 Census data is available from Bristol City Council.