How to conduct market research

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To build a lasting business you need to focus on one thing ahead of everything else – what your customers want. Knowing your audience brings you one step closer to giving them what they want and therefore making money.

You might have the greatest idea for a business but if there aren’t enough people out there who need or want it, the idea could crash and burn.

So it’s wise to undertake thorough market research before you get too invested in your business. Make sure there’s a good market for your idea and preferably one that isn’t a fad that will die out soon.

What you need to find out about the market:

  • Who are your potential customers?
  • What are their current buying habits?
  • Why do they buy?
  • What will it take to make them buy from you instead?

 

Conducting your research

1. Surveys

Surveys are a popular method of market research. If you can back up your plans with quantitative
data, this puts you in a much better position to attract investment and start your business on solid
ground.

In order to get responses you might have to offer something in return like a deal or discount.

 

2. Competitor analysis

Take a good look at the competition. Look at their premises, shop front or website and see what
they’re doing right. Then think about what you could do better and apply it to your own business.

If you can take a look at survey findings they have run and published themselves, this might give you more insight into the sector you’re trying to break into.

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