Market research is a valuable tool for all businesses. Statistics and other market research data help you make informed decisions about the marketing of your business. Using market research, you can understand your potential customers and their needs, as well as what your competitors are doing.

It's also useful to understand market trends so you can make the most of your business opportunities. Look for information in market reports, government statistics, trade publications and industry association publications to find out new developments and possibilities both in your industry and in the commercial environment.

There are two types of market research:

Primary research

This is information you collect firsthand through surveys, interviews, and talking to customers and businesses. This kind of direct research can help you discover what your customers' needs are, how your business can improve, what you excel at and what practices other businesses are using.

Secondary research

You can also research your market by using information that has already been gathered, such as government statistics and trade publications.

A prime point of contact for your secondary research is the Australian Bureau of Statistics (ABS) - Australia's official statistical agency. The ABS provides statistics on a wide range of economic and social matters. There are also a number of other federal and state governments that provide statistics you can use in your research.