The way to find out exactly what customers want and will use is through Market Research, gathering and filtering information will help you save time and money when it comes to opening for business and getting the first few sales.
This is essential in order to find out exactly the type of person that will be interested in your product/service to help you focus your time on bringing in the right customers, who are ready to buy from you.
The best way to test your product/service is by letting your customers use different prototypes of your product, or giving them ‘taster sessions’ of your service. Other data and feedback gathering methods
- Focus Groups
- 1 on 1 interviews
- Phone/email/paper surveys
Benefits of doing market research:
- Identify who your customers are in detail
- Helps to determine if you can reach you customer base
- Helps to define marketing strategy
- Helps to create a strong business model
- Helps you to ‘pivot’ and continue trading if at first your business was not what customers wanted
Market Research does not only include your customers…
It also includes your competitors and suppliers too. Doing research on these two areas can help determine if there is market for your business. By looking at similar businesses you may be able to predict how well your product will take to market and by looking at the kind of work potential suppliers are currently doing can help to identify the size of your market and potentially forecast changes to the industry in which your business operates.
So, exactly how much research you should do?