Are you thinking of starting a new business? Have you done thorough market research? it is the basic step for all the new businesspeople looking to startup with new business. Growing a successful business is a long-term goal that requires careful planning and business intelligence. You need to keep your business growing in order to survive in the competition and attain profit. Business research or industry research is the easiest way to get a hang of the market and the product or service you are offering.
Four Steps to Get Started with Market Research
Researching the market is necessary for large as well as small businesses. It provides you the valuable information about market trends, segments and your target population. Market research gets easy when a professional Market research firm performs it. However, individuals and small-scale businesses can also perform it. Here are a few defining steps to follow while studying the market:
1. Determine Goal
Always have a clear goal in mind. Apart from growth, maximum profit and customer satisfaction should always be your goal. When it comes to preparing for the research, concentrate on weaker areas or products. Zero down on problem areas or the areas that you think need maximum attention. Narrowing down the focus area saves your time, money and other resources.
2. Follow Your Customers
Along with market trends and positions, keep a close eye on your customers and their behavior. Evoke maximum participation from them that gives you opportunities to study their behavior and response toward your products or services. Engage your customers in various surveys or via online channels like social networking websites, blogs and forums.
3. Detailed Analysis
Take all the necessary steps essential to know your customers. Business research is all about strategizing various ways to attract maximum customers. You could conduct projects like market surveys, online surveys, personal interviews, focus groups, discussions and telephonic surveys. Also, collect existing data from various resources like libraries, government records, internet, newspapers, magazines, etc.
4. Field Trials
If you are a small business, opt for field trails. This is an effective method of business research that comes under secondary market research or field research. Field trials are helpful for bigger companies looking to revive their existing products or want to launch new services. In this process, a small batch of that particular product or service is sold at select stores. Then closely observe customer feedback for that product. It suggests modification in the product, in terms of packaging, delivery and sales.
Market research is an intricate process that requires dedication and ability to use and analyze all the possible resources. Leave the job to professionals to avail accurate and detailed research reports.
MarketsandMarkets is a global market research and consulting company based in the U.S. We publish strategically analyzed market research reports and serve as a business intelligence partner to Fortune 500 companies across the world.
North – Dominion Plaza,
17304 Preston Road,
Suite 800, Dallas, TX 75252