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Starting a business is what many dream of. But in the current competitive market, your qualifications and experience may not be enough. A good market research plays an important role in planning and executing your ideas.
First of all, make a thorough study to make sure that there is demand for your product or service. This will help you know whether the market is saturated. Doing a competitive analysis to find out the best place to set up is also crucial. Know your customers and focus on them.
There are many methods of conducting market research like networking, online research and seeking the help of informal focus groups or independent market researchers. Go through the profiles of successful establishments in the same field. Assess whether you have your own strategies to sustain.
Collect all the available official government data related to your business field and study the economic indicators and employment statistics. It is essential to know the international factors that may influence your business.
Skills gaps, experience and training of competitor’s staff must also be taken into account. Be aware of trade information, business laws, demographic information and economic data. When doing market research, the best idea is to aim on the future. After assessing the market, focus on your business to point out the unique factors that will keep you safe in the field.
• Focus on market saturation, what is in demand
• Conduct a research on local, national competitors
• Ensure your uniqueness is what customers want
Source: Asha Das, Special to Classifieds
The writer is a freelancer