The Importance of Market Research

Knowledge generated from market research is the key component of a great plan.

There are many aspects to consider when starting your business, but market research is perhaps the most important.  Knowing exactly what your customers are looking for will help you to develop your offering, knowing what your competition is doing will give you the edge.

66793716-300x194A plan without facts derived from solid research is a piece of fiction.  Don’t let the rush to get the product to market stop you from undertaking the right market research.  Market Research has aided work in all sectors, clarifying requirements and enabling understanding of clients.

A great way to start your market research is by investigating three key elements of your market:

1) Identify your target market.

Considerations range from age, income, and ethnicity to personality, values and attitude.

2) Know your competition.

Use business directories, internet searches and industry knowledge to get the latest information on your competition.

3) Get to know current and future trends.

Consider technological opportunities or threats and exploring social media outlets.

Tools & Resources

Once you have researched your market, you can create a viability report, research the costs and the revenues required to cover those costs.  Also research if you will have enough customers to make sure it is a viable venture.

According to a Royal Bank survey of small business owners, when asked if they could start their business over again, 59% said they would have done more market research.  So do your market research now to save you time, energy and money in the long run.

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Ad Astra is a professional Business Planning Agency, for information regarding market research or Business Planning please contact us on 023 92 160960 or send us an enquiry!

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