Research is the most important thing to start any new project either it is something from study life or practical life regarding building you career somewhere or starting a new business. Every business has a set of target users in the market and it’s impossible to understand their demand regarding their desired product, without any research.
Market research is a process of gathering data to know that how viable your product would be, before even its launch in the market. It also gives you the information about the trends in industry regarding any specific product, then, accordingly you can plan your product for a new business.
Following are some major benefits of market research:
- Efficiency of the product:
If you are starting a new business regarding any product which is already available in the market by different companies, market research will help you to know that what customer wants more in the product to increase its efficiency.
- Overview of competitors:
Whenever you are launching any product from your company, market research will help you get an overview regarding product efficiency of your competitors in the industry and it will also motivate you to be one step ahead of them to get more customers.
Types of Market Research
- Primary Research:
Following are the methods included in primary market research:
- Personal observation regarding the behaviors of customer regarding any product
- Thoughts and views of a focused group to get an overview of the market
- Interactions with relevant people individually to know about their perception
- Conducting a survey via messages or circulating simple Q&A forms
- Secondary Research:
Following are the methods included in secondary market research:
- Public Sources like library (data in the form of publications or research articles)
- Print, electronic and social media platforms
Basic steps to conduct market research
Following are the 6 general steps to conduct market research:
- Set your targeted audience
- Understand their behavior
- Get the insights of market research
- Get the results of survey
- Derive a conclusion
- Take decision accordingly
For many people and organizations, conducting market research can serve as an eye-opener and fact-checker. Even if you believe you have a thorough understanding of your target market, a thorough investigation is likely to reveal new channels and opportunities for you. When starting or creating something, it is always wisest to perform market research because there is so much possibility for improvement.