Market research gives entrepreneurs an overview of the types of new products and services that may provide benefits.
For these types of products and services that are already available, market research can inform the company if they successfully meet the needs and expectations of consumers.
"Failure to do market research before starting a business or for a business to operate as driving a car from Texas to New York without a map or traffic signs," said William Bill of Design Group LLC in Houston.
"The plan is good market research indicate where and who our customers. The plan also would say when consumers were likely to buy a product or use our services, "he added.
Market research is a vital part of the company's activities even before the company was established.
At starting a new business, at least we should do a market research in order to know for certain about whether there is a need for the service or product we provide, and if there is an unmet need in the market, we also need to know exactly how much needs The.
All small businesses should be aware of the importance of knowledge about the niche market they work on and the power that they try to offer to the market. Research helps pioneering effort made amazing products, they can also easily fall if the market in the area does not respond to the types of products offered by the positive.
Apart from usability research provided by research data to the company to improve its products and services, market research is also a form of advertising.
Many small businesses that have a market penetration and visibility of the customer is still low (still a few people who know the existence of their business), market research also is needed for small businesses that require more potential clients will know of their existence.
Provide product samples for free or conduct other common campaign can also be a way for small businesses to carry out research and in the same time provide an opportunity for the product to be able to remember the customers better.
Small businesses that managed to grow rapidly not only through sophisticated marketing, but instead the majority because of word of mouth recommendation. In short, conduct a mass market research will provide visibility for emerging small businesses and it is also an effective way to create a campaign while collecting valuable information that can be used in developing the business in the future.
Here are the stages of market research that can be done:
1. Do a market survey
You can determine the condition of the market by making the survey, through questionnaires, questionnaires or interviews directly to the public. From these activities you can know the interests and needs of consumers, who have been represented on the results obtained in the field survey. Increasingly wide range of people that you survey, the more valid the results obtained as well.
2. Observe the development of markets
You can do research by observing the development of the existing market. Observe trends that are much sought after communities, and observe also the products already on the market. Observations can you make as a material consideration, before finally throwing a product to market.
3. Do a test market
Prior to market new products, you should do a test market in some business locations, to determine the market response. For example, to entrust your products in shops or stalls that are around you, so you can study the response of the market to enhance your product before it is offered to a wider market.
4. Pay attention to the level of market competition
Before marketing the product, you should know the level of competition on the market. Offer new innovations to enter a market already crowded with competitors. In order for a product you do not lose competitiveness in the middle market is already crowded.
Given the market research is critical in marketing the product. So as much as possible to do research, before you step. In order for marketing strategies that you use the right target, and deliver maximum results.
Many new business owners often lack the time and money to take shortcuts that actually strike back them. Here are three things to avoid business owner:
- Only use secondary research. Depending on the results of research the other party will not give you an idea entirely. Secondary research can be a good start, but of course the information from this research may not be new. We could lose the factors that are relevant to our business.
- Only use web resources. When we use search engines to gather information, we only get the data available to everyone and not necessarily entirely accurate. To perform more searches within the budget that we have, use resources from the library, campus, or small business centers in our area.
- Conduct a survey only to people who are known. Small business owners sometimes just interviewing close family member or colleague when doing research. Unfortunately, friends and family are often not the best survey object. To obtain accurate and useful information, we have to talk to the actual consumers of the needs, desires, and their expectations.