MARKETING RESEARCH FOR A NEW BUSINESS! HOW? WHY?10 December 2015
But having a business idea is not enough, conducting market research before starting up a business and creating value for the product.
A big number of business owners fail to obtain certain statistics on market share, number of competitors in the industry, number of their customers, product research and demand needed in the market, and supply they can offer to the market.
Today I will give you tips on how you can conduct marketing research for your new business without using a lot of time and resources.
Identify your goals and objective
Know what you are looking for in your research, your aim should be specified in such a way that it is possible to measure when it has been achieved. The main objective of the research is to explore the unknown and unlock new possibilities.
This part is when a business owner pinpoints potential customers, specific competitors locally and nationally know what they do and how they do it. Participants could be government, middlemen, rental agencies, tenants, insurance, the national building acts, national land Act.
Decide, Monitor and Extract
After the collection of all the above data, decisions will be made on where to locate your entity, what suppliers to buy from, and what pricing strategy to use if it is cost-plus, price penetration, price skimming, or competition-based pricing. What marketing strategy to use, if it is online or offline.
Market research tells you if something you didn`t know before, were right or wrong, market research can tell you about something that wasn’t on your radar, it is an investment, not a cost, it helps you plan for profitable growth.
You should know that money can’t buy everything, but it can buy research. Subscription exists for the ones that want to buy relevant industry and research information, visiting We grow can massively save time and give you an opportunity for better ideas. Also, get an opportunity to obtain data in a form that makes sense.