HOW TO CONDUCT A
MARKET RESEARCH FOR YOUR BUSINESS
You might be asking what
business should I start, how to start a business or any other question on your mind. After you
have found your answers, the next important thing to do is check the viability if the
business and this can be done through market research.
Let us move straight to
the point, first let us define some basic terms that will be of importance to
us in this article.
What is the market?
Individuals
or companies who will purchase your product or service. They are the life line
of your business, so it is very important to know what they want, how they want
it and when they want it. For you to
know this you will do what is called.......
What is market
research?
Market
research is the systematic collection and analysis of information related to
the market for your business.
You
don’t want to produce goods or service you thing people might need, you will
want the goods/services people actually need and are ready to pay for it. Sometimes
you will think is creativity to start a business of what customers might need
in the future, but it wisdom to sell what people are already looking for as a
young entrepreneur.
Types
of information gained from good market research:
-
Market location and size.
-
Market demographics.
-
Market receptiveness to your product/service.
-
Industry trends and outlooks.
Why is market
research important?
Market
research gives you important basic information that allows you to make
intelligent decisions about your business. The key to good market research is
to:
-
Define what you need to know.
-
Plan your questions and research process.
Good
research questions are those with answers that lead you to better judgment
about your overriding question: Will you succeed?
Good
research does not guarantee success. The best it can do is give a good probability
of success.
Why market research
is often neglected?
-
Entrepreneurs are independent by nature.
-
Most feel they already know enough.
-
Some think it is a waste of time.
-
Failure to understand its role, instead of seeing it as insurance.
-
Fear it will prove that ideas are not marketable.
Download the review of
my guild here DOWNLOAD
As you follow these
steps i see you making headway in your quest of entrepreneurship.
To your success!
Felix Aigbonohan
Business & Personal
Development coach
Xterics Resources|
RazorEdge Coaching
www.maximumperformancecoach.com.
Interesting Post.
ReplyDeleteMost Small businesses find it difficult to structure this part of business growth.
Yes i agree with you, sometimes they feel it is time taking or too expensive for them to do but in the actual sense, small businesses can escape the risk of failure if market research is properly done before setting out.
DeleteThank you for your contribution.