One of the many challenges of running a successful business is that markets change. It’s natural: Tastes shift, technology advances, and the consumers you target today may look and behave differently from those in the market tomorrow.

Note: The following is an excerpt from the white paper "Trade Analysis: Using Trade Data in Strategic Decision Making" published by Freedonia Custom Research. To read the entire white paper, download it here for free. 

Conducting market research requires the right tools, resources, and strategies. Whether you are looking for information on how to do market research online, or you are searching for the right market research sources for your next project, you’ve come to the right place.

You and your team may be considering a variety of new business ideas and market opportunities, but not all of them are worth pursuing. It's important to narrow down your options and make sure you focus on the ones that have the highest potential for success. 

There are many different sources for new business opportunities, but according to Raffi Amit, a professor of management at the Wharton School, perhaps the most promising ideas come from fully understanding customer needs.

Identifying “the next big thing” is no easy task, but companies must constantly seek out new market opportunities in order to sustain long-term growth in an increasingly competitive environment.

Finding ways to generate additional revenue is at the cornerstone of any successful organization, and it’s particularly important now, as disruptive innovation, shifting trade policies, and rapidly evolving technologies force companies to adapt quickly.

Is there a real market for my product or service? If so, how big is the need? Will customers actually buy what I plan to offer? Entrepreneurs face these critical questions every day.

If you search for market research on Google, you are likely to pull up millions of results.

Unfortunately, not all market research companies are credible. If you rely on low-quality vendors, your own research and conclusions may be equally flawed. The adage “garbage in, garbage out” applies all too well.

Using research to support decision making may sound appealing in theory, but how do companies actually use market research in practice? What are the common approaches?

In order to make informed, data-driven business decisions, you need quality market research.

Market research is essential for all types of businesses in different stages of growth.