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Venturing into the world of business is more than just securing the necessary paperwork. It entails painstaking research to determine if you have a market for your offerings and if your venture has a huge potential to achieve growth within your target year.
Experts advise utilising both types of research (primary, wherein you generate firsthand data through surveys, and secondary, wherein you analyse information from studies done by others) to come up with a comprehensive input. So, what do you need to factor into your research?
• Target market – Who do you cater to? Which demographics do they belong? Generation Z, millennials, Generation X or baby boomers; yuppies, singles or young families – be clear on who you need to focus on.
• Buying habits – Analyse how often they shop, how much they are willing to spend, whether they go online or visit physical stores, their favourite brands/products/services, and the features that appeal to them most.
• Your offerings – Will they seek your products or services? Identify the factors that will set you apart from others and which you believe will build client loyalty.
• Competitors – Check if your industry and location have reached saturation point, the size of other companies in your field, who have remained in the market despite troubled times and who have just entered the market.
Keep in mind that research is more essential when your business is running to identify problem areas, keep up with the trends and understand consumer preferences.
• Identify your target market, their demographics
• Check if your field has reached a saturation level
• Hire a firm to give comprehensive market insights
More on importance of market research here.
Source: Ellen Joyce Soriano, Special to Classifieds
The writer is a freelancer