Why Market Research Matters
Doing the right market research is crucial to the success of your new business. Primarily, it can help you answer a few important questions about your products and services and how to approach your market:
- How big is the demand for your products and services?
- What does the current marketplace and your competition look like?
- Who are your target customers?
- How valuable do they find your offerings?
- What is your USP – the unique selling point that sets your business apart?
If you’re a start-up business paying for professional market research may not be the most affordable option. However, depending on your finance, your market and your products and services, there are a number of ways to carry out effective market research yourself.
Step 2: Assess the Competition
Your market research can also help you develop appropriate pricing and help your business stand out. As well as asking potential customers for feedback, use your competitors to set a pricing structure. Evaluate what you could do that’s better and consider why your target market would use you instead.
Use market reports and other publications to find out competitors’ sales patterns, turnover and profit
Look at their marketing and advertising to strengthen your brand identity and USP, whether you can beat them on quality, prices, or customer service
You could even approach some competitors and ask them about their business, products and services
5 Top Tips for Conducting Market Research
Can’t wait to get started?
For any advice on conducting market research successfully or to run through your ideas with our expert advisers, you can call Worcestershire Business Central team.
Call our team today on
01905 677 888