Market research is the process of gathering information about your target market and customers.
If you ask your customers the right questions, they will give you the information you need to serve them better than your competition. Unfortunately, you customers do not have perfect memories. As a result, you can validate what they tell you by doing market research.
Marketing research is the process you will use to find out the best opportunities to grow through your marketing channels.
For example, let’s say you have $2,000 a month to spend. Would it be better to invest that money into SEO, Facebook Ads, or LinkedIn Ads? How might your answer change if you are more experienced in SEO, but notice it will hard to rank for your keywords? Or if you are decent at Facebook Ads, but notice your competitors aren’t doing Facebook Ads?
Marketing research will help you know which channel will most likely give a higher ROI.