Define the decision you need to make
Market research should inform a concrete decision: launching a product or service, choosing a customer segment, opening a location or comparing growth opportunities. Start by defining that decision before looking for figures.
Specify the product or service, geography, customers and period. “The restaurant market” is too broad a scope for comparing a neighbourhood restaurant, a delivery service and a business catering offer. These activities have different buyers and distribution channels.
Examine demand and usage
Identify the people or organisations that use the offer, choose it and pay for it. These roles may belong to different participants. Then describe purchase occasions, selection criteria and solutions already in use.
Statistics and industry publications provide context. Interviews, observation and surveys provide information tailored to your project. Survey results must be read alongside the population, sample, question wording and date.
Understand supply and distribution
List the offers meeting the same need. Compare their uses, prices, distribution channels and associated services. A direct competitor offers a similar solution; an alternative may meet the need differently.
The company pages provide a starting point for exploring the companies cited in our studies. They do not replace observation of the offers actually available in your market area.
Measure using comparable indicators
A market-size estimate must specify its geography, period, unit and included activities. Retailers' revenue is not automatically equivalent to production value. The number of establishments does not measure the number of customers.
Before calculating growth, check that both values have the same definition. Our syrup production analysis illustrates a break in series: sales before 2012 are not joined to production data.
Connect the findings to your project
Finish with the implications for your decision: priority customers, pricing assumptions, channels to test and information still missing. A scenario must make its assumptions explicit. A national trend alone does not demonstrate that a business will be viable at a particular address.
Keep a working table with the information, reference, period and limitation. You can then revisit an assumption without repeating the entire research process.