Entrepreneur know your market before you go

market research

Every day we hear of new projects arising from courses and workshops are taught urging.  As we have the perception that it is more of the same, often we wonder. Is there a real market for this product?  There are fads, and we as entrepreneurs should be careful when selecting our project. A weapon with which we work is with the Market Research, allowing us to identify opportunities, reduce risk and assess performance.  Market research is an objective and systematic collection of data, their analysis about the target market, about our competitors and the environment, which allows us to increase our knowledge to make decisions.  The information produced will guide our business decisions, but it is not an activity that we perform once, but we must keep it updated along our project. It is information that will guide our strategic decisions, not just a “what’s good to know that.”

What are the main benefits we can obtain:  Market research guide communication with our customers and prospects will formulate campaigns more effective marketing people to which want to go, and how they want Market research helps identify market opportunities Market research minimizes the risk of doing business may indicate that a market is saturated with the product / service you wish to offer, giving us a chance to make other decisions.

Market research can identify potential problems: Market research allows you to track our progress, compare and evaluate whether we are approaching the objectives or not. It is important to know and compare the position of our business at a particular time and in given intervals, and of course to our estimates confront Well, we cast the first stone, but not the last, and together we will see the different alternatives that this type of study is. Before starting a new business you must know the market data and statistics. You can take the help of good professional people. Here Redshift business market research is working fine in UK market.

What information can you provide us? We have already discussed the benefits of having a market survey, now we talk about the information that market research can provide us vital when making decisions. The studies of market segmentation provide information about the shared characteristics by customers, answering questions such as: Who are my customers, population size,% by gender, age, income, education, occupation, skills, number of children, home, etc. The information on the economic situation and habits purchase provides information on the financial strengths and economic attributes shared by my target market, answering questions such as: Average spent products similar to mine, financing needs, when and where they buy, how often, how much, why choose , own or rent, car type, payment methods etc.  With the psychological aspects of the market we know about the views and shared by consumers in my market values. We will answer to: market reaction to my product / service, as compared with others, characteristics considered important, who makes the purchase decision, factors that decide the purchase, seeking convenience / savings / quality media that consume others.  In the analysis of competition obtain information about other companies that are in my business. The research will answer me: who are my main competitors, they compete and what not, its strengths and weaknesses, what is your niche, what my business is unique, how my competition ranks, how they communicate, who are their customers, how they are perceived, who are the leaders, turnover and profitability among other elements that serve to evaluate.  The information on environmental factors covering economic and political circumstances that can influence our operations and productivity, answering questions such as : current and future trends of population and socio-economic effects of political and economic measures, expectations of growth in my market, external factors which may influence the market trends and the economy, etc.

How to do it later? As we were discussing, before starting a new product or a new business, we carry out a study that allows us to minimize risks and improve our chances of success, we know that knowledge, information empowers us. For existing businesses, studies market allows us to re-assess the changing needs of our customers, the marketing tactics of our competitors and future needs of the industry. For new businesses, allows us to assess the viability of your potential market and competitive analysis before taking decisions long time.  You should conduct a market research before developing a marketing plan, and then again after having developed the plan to determine whether it has been effective. A market research does not require special skills, you should be able to ask questions, track information and then of course take time to understand what the data says and means.

Image source: shutterstock.com

Add a Comment

Your email address will not be published. Required fields are marked *

Home |About |Become a Contributor |Sitemap | Privacy Policy | Contact |