The difference between entrepreneurs who never get much done and those who achieve the moon boils down to just one thing- Market Research. A thorough market research is the hallmark of making the most of every moment at work and in entrepreneurial life. Market Research is now all sugar and honey these days. Sadly, not many are well versed with ‘How to conduct a thorough market research before starting a new business.’ Understandably, when it is time to flip another year on the calendar, here is an educative write-up on ‘How to conduct a thorough market research before starting a new business.’
In a way that your idea may not be out of place, you may be subjected to a full-throttle approach. Entrepreneurs never run short of ideas. But yes, they run short of ideological and pragmatic ideas. Remember, it is not about signaling your unchallenged suzerainty in the territorial domains of entrepreneurship, it is about making well-thought out and appealing moves. So, if your startup idea or product idea is obscure, nip it off in the bud. Undoubtedly, it would be early days to talk about doing away with the ideas, but it would be a grave fallacy to ignore straws in the wind. For example, if you are talking about wearable technology in a poor nation where coffers of people are ever depleted, it is only a matter of time that your target audiences remain ignorant of your very existence. Determining the potential of your startup idea is the secret of seeing purpose, pride and a sense of fulfillment in what you do.
Types of Research
- Primary Research: Primary research is all about gathering data to identify the tastes and preferences of your target audiences. Primary research projects deliciously debatable questions. To conduct primary research, you may rely extensively on:
- Questionnaires- can be e-mailed.
- Surveys- One to one or online
- Interviews – one to one or online
- Sampling- Identify diverse sample groups and collect data
- Secondary Research: This is all about analyzing the data collected as an aftertaste of primary research. Set your benchmarks. Identify who your potential competitors are. Identify where you stand and do the needful.
The 4 Cs of Research
- Customer: Convert your purchasers into influencers and drive sales.
- Company: Think about the greater good of your company. I honestly aver that this is a sort of anointment of our venture as a game changer.
- Competitor: Identify what your competitor is doing and what he/she does very often. Do marketing your way.
- Collaboration: Collaborate with your team. Collaborate with your customers and ensure that there is no gap between promises and delivery.
Your business idea should not only survive but also thrive. Want me to prepare market research questionnaires for you? Drop your email-id in the comments section. Cheers!