As natural resources form the core and are very important for the survival of humans on earth, same way market research forms the core and is responsible for the survival of a business. Without proper market research your business will come down as a pack of cards. A small glitch in market research can lead a loss of billions of dollars. Market research helps you to know about the growing market, how to maintain the demand and supply chain in balance, what changes are occurring in the market and is the market ready for your product or your new venture. Without proper market research not only you will find yourself closing down your business and looking for a job but also doing it without no confidence and reputation and am sure you won’t want to do that.
Doing a market research is a tough job and many companies charge millions of dollars for doing it but following the right procedure and tips not only you can save your money but qualitywise also it will be perfect.
1) Know what you need to learn – List out specific questions which you want to know in the market and focus on that. Like if you are launching a new product you should focus on questions like the competition of your product in the market, demand of the product etc.
2) Research your Industry – Go through all the details of the industry you are entering. Read about the companied from the same industry and take a look at the growth percent of the industry.
3) Research your Target Customers – Do a full research on the customers you want to target. Know everything about them from their per capita income to their status of living. These are the customers which you should most care about.
4) Research your Competition – Researching about your competition is very important as it will tell you their pros and cons and moreover yours also.
6) Keep Doing It – Make market research a daily routine. Market changes day by day and you have to keep yourself up to date otherwise soon you will perish.
Keeping these in mind do your market research and you will get effective, easy and timely result. Market is everything in your business. If your market goes down then you are done, finished. So doing a market research should be taken very seriously otherwise the results will be catastrophic for you and your business.