It is obvious and so unfortunate today that a good number of entrepreneurs had failed in business, because they neglected some basic and fundamental tools for business growth and development.
Before going into a business, an entrepreneur must understand that there are foundations in building a successful company. And one of the foundations of a successful business is Market Research.
What is Market Research ?
Market Research is an overall way of gathering information about a target market and customers. It is a way of collecting and analysing information about a target market, competitors, customers and the industry generally.
Market Research prevents waste of resources, and channels the resources to potential ideas and projects. Hence, market research enables entrepreneurs in good decision making.
In as much as an entrepreneur needs to carryout a market research before starting a business, at every stage of growth of the business, he has need of conducting market research in other to remain competitive in the market.
IMPORTANCE OF MARKET RESEARCH
Marker Research enables you as an entrepreneur to identify where, when and how a product is meant to enter the market.
It helps the entrepreneur in identifying the demand for new products and services.
It helps the entrepreneur to be up to date on market trends and also enables you to strategize and adapt to market changing conditions.
It enhances your business innovation as an entrepreneur.
It enables the entrepreneur in identifying potential new markets.
It helps you as an entrepreneurs in boosting your promotional success such as branding and rebranding, due to a collective information gathered from the customer about the brand.
SOURCES OF MARKET RESEARCH
Basically in carrying out market research, you can either do a first hand data gathering or use information gathered by others and is publicly available either online or offline.
Some of these sources includes:
Customer Survey System:
This is basically carrying out surveys in person, through phone or online. In this system, you try to find out how the customer feels about your product and services including your brand.Interviews:
This might be either face to face or via phone. It is a way of asking indepth questions about your brand.Focus Group:
This a way of organizing an eight(8) to ten(10) man group that consumes your brand to participate in research discussion about your brand. These people must have the same buying habit.You can also ascertain market information through government reports and studies.
Industry journals and magazines.
Television and radio.
Literature review.
These and much more are the various ways you can source for market information.
Without an overview knowledge of your target market, customer behaviours towards your brand, competitions and market trends, you will not be able to stand out in the midst of the competition.
Before going into a business as an entrepreneur, study the market and everything that revolves around your business. As your business is growing and developing, endeavour to conduct market research in other to remain relevant in the midst of the competition.
Thank you for reading through my little piece.