How do I complete my Market Research?

This may sound obvious but ask! I say this, as too many businesses whether at start up or when perhaps launching a new product or service, simply assume the likely responses and feel that they know what the customer wants or needs.

Yes, I would encourage you always to put yourself in your buyers shoes, but you have to sample and test your potential audience for any learning or at least confirmation.

Many start ups will ask friends, family and maybe close associates, who often will obviously support and encourage, as it feels their responsibility.

Many growing businesses feel that they know their customer, but fail to ask how they would react to a new product or service development.

I encourage you to identify your market and ideal customers, research a sample and ideally call them to ask them a series of considered questions, with the objective of obtaining the insight that confirms that people will pay for your product or service and why.

As an example, try to establish:

  • can you profile and define the type of customer that will buy
  • how many potential customers are there are in your catchment area
  • how much are they prepared to pay
  • Do they already buy your kind of product or service from your competitors – if yes, why?
  • How best to let them know what you have for sale.
  • What do they want from your product or service or what would encourage them to buy from you such as the benefits and value to them?
  • What your potential competitors do?
  • Which competitor has the largest market share and why?
  • From feedback is your offer clear to the buyer?

You can complete primary or secondary research, but I encourage you to not restrict your findings to just desk research.

The method you use will very much depend on who you identify as your ideal customers in your preferred markets, how accessible they are and what you think will gather the best response.

How many people should you ask? Well enough! Ask enough people until you have no new information or learns from the responses.

Read more of my thoughts in my article ‘How do you complete your Market Research?’ by clicking here

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