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In this precision article, we help you pinpoint your sales goal.
Market research is the process of systematically collecting, recording, and analyzing data about customers, competitors, and the marketplace. It helps create a business plan, launch a new product or service, fine-tune existing products, and expand into new markets, etc.
It can also be used to determine what part of the population will buy the product or service, based on age, gender, location, and income level. You can set the characteristic of your target market.
With proper market research, companies can make better business decisions about developing and marketing new products. Market research represents the voice of the consumer in a company, this is vital to ensure that your business idea is viable.
Lack of proper market research
In an effort to come up with a business plan quickly, many business owners do not verify or substantiate their claims, so it is your responsibility to make sure your research is accurate, up-to-date, and verifiable.
A common misconception is that an entrepreneur fails, lacks sufficient funds, or didn’t put the right team in place.
But, one of the biggest causes of small business collapse is not being able to determine sooner if the market is strong enough to support the business. Many entrepreneurs simply trust their instincts and start their own businesses without checking if there is a demand for the product or service – it is easy to get overwhelmed by a new business idea and start a business without testing its viability – time and effort in its startup – until Suddenly they find out about insufficient demand.
Accurate market data will help avoid such “overly optimistic forecasts.”
A solution to remedy the lack of capital
If you’re short on capital and can’t afford full market research, you can talk to existing companies in the same industry, vendors, trade associations, and even potential customers to check out the market for your business.