Market Research: Key to Success
If you run your own business you probably already know the benefits from doing some market research. Anyone starting out needs to answer many questions before they can be clear about strategies to adopt. So in this short article we identify some of the benefits of doing market research.
You may want to ask questions about the name you have chosen or the logo design before you go live. You will want to know who your competitors are and what makes your brand, your services, your business different from theirs. Maybe you need to know how to set prices and what it means for profit and volume decisions. You will definitely want to know who your customers might be and how to reach them so you need to do your research. Which markets should you concentrate on? How many customers are likely to buy from you? How does your offer compare to competitors identified? Which geographic, demographic should you choose? You need a plan! Market research is key to success.
Market research will help you to be clear about strategies to adopt, tactics to employ and what you should focus your scarce resources on to earn return on investment. How much will it cost, I hear you say – well a lot less than if you waste your money on non-existent customers. At Ynotshine we help organizations large, small and public services do exactly that.
