How to Do Market Research. With effective market research, you can determine the need for your service, a product's likelihood to sell, target-market demographics, and desirable store locations.
To help you meet your target market's needs, we've put together a collection of our best market-research articles and resources. Research Primer What's market research? Sources and Techniques for Your Strategic Planning Efforts Perform the market and competitive studies that are necessary to equip your team with the information it needs to make good decisions.
New to the Market Research plays a key part in knowing which of your new business ideas will fly in the marketplace. Hitting the Market To be successful, you have to know your potential customers inside out. One entrepreneur reflects on the essentials of market research. Introducing New Products Increase the odds of a successful launch for your product. Tapping a New Market Will new features and pumped-up distribution enable a niche product to reach the masses?
Bootstrapping You don't need big bucks to do a little research. Market Research on the Cheap Using students to determine whether to launch a new product was a cheap and effective form of research for this bootstrapping entrepreneur. I'm starting a business but have no market research budget.
What are some inexpensive techniques? Guerrilla marketer Jay Conrad Levinson offers on- and offline methods. How can I find an affordable market research service? There are a number of ways to acquire both quantitative and qualitative primary research for less. Feedback Want to know if your next product will fly? A Do-It-Yourself Customer Panel Do you want to put some bang into your market research without spending the big bucks?
Try conducting your own customer panel. Here's how Bite Shoes uses Web-based focus groups to help market its new products. Every Click They Make Glean customer data from your Web site using server logs, questionnaires, E-mail discussion lists, and bulletin boards.
That was when he discovered shocking facts about his business idea. Having understood—from that story—the importance of conducting extensive market research before starting a new business, you will now learn how to do it yourself. And it comes down to just four steps, which are discussed below:. Your target market is the group of people you will promote, advertise, and eventually sell your product or service to.
To define your market, you need to answer certain questions, such as the following. Giving answers to these and other relevant question will help you define your target market. The rule here is to make your target market clear enough that you can visualize them in your mind. Chances are that you already defined the need, but you still need to analyze it to figure out if the need is really felt by your target market and if your product or service is capable of filling that need.
List the features and benefits of your product or service that make it the perfect solution your target market needs. In addition, list the factors that will prompt your target market to buy your product or service. This could be low price, convenience, higher quality, and other factors. Get in touch with your target market and gather relevant information about their needs and preferences as well as your product or service.
You can do this using interviews, surveys, or questionnaires. Some important questions to ask might include the following:. Find out more about similar products or services already in the market. What are their prices? What are their strengths and weaknesses? And how will your own products and services compete against them?
Marketing research can give a business a picture of what kinds of new products and services may bring a profit. For products and services already available, marketing research can tell companies.
Decision Analyst is a leading global marketing research and analytical consulting firm, with over 3 decades of experience in new products research and consulting. Our staff has worked on hundreds of successful new products.
Product development research is essential to minimize the risk of new product launches. Find out how to use market research for new product development at every stage of the product life cycle. The article also looks at how product market research can be used to improve the performance of existing products. The failure of your product launch is not an option. It’s one of the things that can easily put you out of business. As a result, new product market research is one of the most important prelaunch activities that a business owner can engage in. It’s also one of the areas that can often be neglected. Most business owners think they know their clients and the products .
Product research is a vital part of developing new products, helping you avoid expensive mistakes. Our overview of what you need to know. Prototypes let you spot design flaws, get feedback from possible customers and even secure funding for your new product. How to get prototyping right. Once you've. Launching a product in an established industry is extremely difficult.