Why Market Research Is Important

The majority of people who start a business tend to totally ignore market research, and this is one of the biggest mistakes that you can make. Market research is a vital step when it comes to setting up your business, and although it may seem boring and you you may not know how to get started, it should be the first thing that you do. if you have a product that you want to sell, whether it be a physical product or a service, you need to find out if there is any demand for it before you invest huge amounts of money and time in setting up your company. You need to make sure that what the customer wants is the same as what you think your customer wants, because if it is not there your idea is set to fail before you even get started. So what are the best ways to find out what your potential marker think? Read on to find out a few simple solutions which might suit your needs.

Focus Groups

Simply asking your friends and family what they think about you latest product just isn’t enough. For a start they will be biased because they know you and also they may not be your target audience. Try and get together a selection of random people who will give you feedback on your idea. You can either pay a company to set up a focus group on your behalf, or you can try and set one up yourself. Remember that people will want paying to give up their time so you need to figure this into you budget. Make sure that you fully explain your product to the group and listen closely to what they have to say. The most important thing is to be prepared for bad feedback as well as good.

Telephone Research

To get a general idea about how much demand there is for your products or services, you can commission some telephone research. This is a good way to get feedback from people up and down the country although the downside is that they are no able to see any products that you have first hand. If you do choose to go down this route, be sure that you get data from a wide range of different ages and balance it evenly between male and female (should your product warrant this).

Online Surveys

Probably the cheapest and quickest way to get market research data these days is by setting up and online survey. Google surveys offer an easy way to do this and there are many other companies such as Survey Monkey which offer affordable solutions. You may even want to ask your friends on social media to share the survey in order to get people to fill it in for free.