Whether you are starting a new business venture or launching a new service/product, it is crucial that you start your market research as soon as possible. If you don’t understand the cultural, social and economic factors relating to your business, you will unlikely be successful.
It’s fundamental to know if there is a market and the demand level for your product or service. Asking the right questions is equally important as the methods you use to collect, analyze and action the market research results.
A market research is basically getting some feedback about what the market thinks about your business/service/product so that you can make better informed decision about it. Start a basic market research yourself then proceed to hire professional researchers when you are clear about what you want to research. Focus groups, online or offline surveys and direct communication with existing and potential clients are primary research that you can do. There are also plenty of online and local resources at your disposal.