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8 May 2021 - Tamara Mitrevska

The purpose of market research

In an attempt to take your business idea on the next level, you need to explore whether it is actually needed. An insight into your target market will confirm or deny your belief. Of course, this is where market research comes in handy and it should undoubtedly not be skipped as a step. It is a method which helps in understanding the market you are optimistically trying to conquer, latest trends that should be considered and will eventually sooth any barrier you might have. While stepping into the unknown, as a new entrepreneur, seems knotty, gathering the necessary knowledge will ease the way.

The first stage is getting to know your consumers, and if there are any obviously. You can present the most promising, facilitating product in the world, but without the potential audience you need it will go wrong, as well as your company and probably your enthusiasm. Thereupon, the market research will determine this and guide you towards them. It will point you in the right places for advertising after verifying your target customers. If there is not enough clientele, it’s good to know from the very first moment with the purpose that you can change and improve the idea on a new satisfying level. Per contra, if the response is rewarding, you can carry forward with your business idea and figure out how to maintain your possible customers and win their loyalty in the long run. Most frequently used market research models for this particular kind of analysis include organized focus groups, telephone interviews and online surveys. It is sincerely recommended that you primarily respect your audience and do not portray yourself intrusive through this process.

Equally important are your competitors, so you should identify them too. Decide which industry you are going after and you will easily spot the products or services that overlap with yours. And so, you can develop an appropriate marketing strategy that will capture the audience’s attention. With the information you receive, you can answer the customers’ needs that your competitors failed to. Plus, you will be ready to give a snappy comeback to any potential risks! Targeting the neglected propositions and feedback the customers have will certainly turn you in a favorable position. Hence, without the imperative market research you would be clueless and far from the success you aim.

Naturally, these points should bring a lower business risk. Taking into account that the number of companies which last more than five years on the market is very small, you should be very careful. Thereupon, the research you have assembled will mitigate the decisions you are expected to make, trustfully in the right direction. Further, this analysis can orientate the promotion of your product into the right area or where your target audience would probably catch on the fact that your company exists. For example, if your target customers are older generations, instinctively your advertisements should find their place in the newspapers, fliers or television. Consequently, more customers more sales, this indicates that market research will on top of everything increase your profit, if it is thoroughly done.

As you can see, all of these elements are related with each other, one leads to another and they are all encouraged and glued with the research. Plus, it will enable you to present your company in a more recognizable, reliable and valuable light than the competition. Of course, designing a model of a market research demands a precise set of skills so if you are not sure whether you can proceed with it, hire a professional team.

Not to mince words, as long as you desire to launch a successful business this research is essential. It will provide a great stability to start with, and wisdom you’d wish you had if you omit this phase of your journey. So if you think you would save some money, don’t! It will cost you double if you jump in the ring ignorant. As a new entrepreneur you should use your resources wisely and aspire to make some great and fortunate decisions for your business. For the sake of this goal, make an effort to do your homework excellent and leave no stone unturned!