Wednesday, January 7, 2015

Things to Consider When Conducting Market Research

To increase your chances of succeeding in your start-up venture, it is vital to conduct market research. It is very important because it enables you to work out whether there is a need for the services or product you want to provide.

Thorough marker research allows you to make better business decisions later on. To start off, here are some things you should consider:
  • Is there a market for your idea? 
  • Will there be enough demand for your service or product?
  • Who will buy your service or product?
  • Who are your competitors and what do they do well/not so well?
  • What are the current trends in your chosen industry?
Understanding your market will give you a much clearer idea of your specific audience, how to reach them and what to do to stand out in your market.

Your competitors:
  • Who are your competitors?
  • How many are there?
  • How do they promise their products?
  • Where are they based?
  • How much do they charge?
  • Who are their customers?
  • Where do they source their stock?
  • What are their strengths and weaknesses?
  • What marketing tools do they use to reach their customers?
  • What platforms do they use to sell their products? (Premises, online store, craft fairs?)
Your customers:
  • Who are your customers? (Consider gender, age, location, interests, background, etc.)
  • Why will they buy from you?
  • How much do they have to spend?
  • How much are they prepared to pay?
  • How do they prefer to shop? (Online, in store, etc.)
  • How do they prefer to pay? (Cash, card, paypal, etc.)
  • Where do they look to find your services? (Magazines, newspapers, directories, internet?)
  • How frequently will they use your service?
Your market research forms a solid foundation for your business and future marketing strategies, so make sure to keep any research you do so you can refer back to it when you are moving forward.

Take your time. It’s one of the most important things you will do for your business. If you have the right information to start, it will reduce the risk of problems later.

Don’t assume that you only need to research until you’ve started up. You should continue research moving forward to stay ahead of the market and make your business competitive.

If you are a woman in Merseyside who is thinking of starting a business or looking to conduct market research to inform business growth strategy, contact The Women's Organisation on 0151 706 8111 / to find out what free support we can offer. 

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