July 7, 2020
Just as you wouldn’t walk around outside with a blindfold around your eyes, you wouldn’t start a business without conducting market research beforehand. If you’re thinking of starting up a business, market research can enable you to know whether or not your business idea is feasible. It provides the right footing for a startup, is practically essential as the foundation of a business plan, and is often a prerequisite for many business loans. Overall, a business plan is incomplete without market research.
The business landscape, customer preferences, and market scopes are extremely fluid in this era, constantly evolving. The good news is there are many resources today that will allow you to do your own market research without spending the vast amount of money to hire firms to conduct it for you.
But first of all, “What Is Market Research?” Market research is the assessment of various internal and external factors that has a correlation in impacting your business. These factors below answer the question of “What Am I Researching?”
Once you have established the objectives of the market research, you must then develop a strategy to gather this information. There are 2 different types of research: Primary Research and Secondary Research.
Secondary research has to come before primary research. It is the first step in validating the feasibility of moving forward with the business idea. Secondary research refers to the research on available literature.
Primary research is basically the information you need but does not exist. It mainly refers to the 4Ps of your business: product, price, placement, and promotion.
These can be done in a few simple methods, namely through phone interviews, face-to-face interviews, or online surveys. Using family members or close friend circles for primary research is convenient, but they may not be the most representative survey subject.
It is important to be open-minded and adaptable when conducting market analysis as some of the feedback you hear may not be exactly what you were expecting and hoping for. You may feel attached to your business idea and wish to change nothing about it, but after conducting a survey maybe you find that customers are looking for a slightly different service or additional features. Do not scrap your idea, but do consider adjustments to accommodate your customers’ demands.
Copyright 2020 Amber Creative Pte Ltd