Market research is a great way to better understand your business and the potential options for growing it. You can conduct market research about your customers, competitors, the products and services you offer, where your business is located or review industry trends.

If, as part of your growth, you plan on launching new products and services, you may want to speak to customers to identify whether there is a market and seek feedback. By speaking to customers, you can identify what kind of product they want and the price they’re willing to pay. This will help you make more informed decisions about your future direction.