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Market research beneficial, says consultant

Jun 27 2008

Market research beneficial, says consultant

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Asking customers what they want from a business can be 'very beneficial' for entrepreneurs who would like to improve their firm's performance, a consultant claims.

Simon Lidington, chief exchanger of independent consultants' association the Insight Exchange, said that effective market research can be 'indispensable' to companies.

He explains: 'If you want to know how to improve the saleability of your product or service, or how to improve customer satisfaction or experience, the best people to ask are consumers and customers'.

Lidlington, who is also vice-president of consulting association the Market Research Society (MRS), says that small businesses can learn from larger firms, many of whom have a devoted research department.

Ideas from customers can also lead to innovation and insight, he adds.

According to an MRS survey, in 2007 the UK market research industry revenue rose 2.3 per cent to an estimated £1.8 billion.

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