Saturday, 21 November 2015

Basic Truth About Marketing Research

Basic Truth About Marketing Research


I am very sure that you are happy about your new business enterprise. I also know you have a great idea. A great idea is the birth of a new
small business.
But as a boss of your own business, you can’t afford to take chances on ideas without getting more information about what your entire market audience wants and what they are willing to spend their hard earn money on. Talking to just 20 or 40 people is never enough to make high sales. You have to talk to thousands of people,yes even more than thousands.
So, how can you gain advantage of placing your idea at the top of the chart? The only answer is
market research. Market research is a study of your consumer’s preferences and your competition. It is also called a “feasibility study.”

Through surveys, literature research, internet research, and other information gathering techniques both primary and secondary, you can learn the trends in your industry, as well as individual preferences of your potential customers. If you’re in a well-defined industry, like building materials or car  manufacturing, you will find that the professional organization has already conducted research studies on behalf of the members of the organization.

Why is market research necessary? Because we all have different tastes,believes, different ideas about what’s important in our lives, and different ability to pay a particular price for what we want. Most of the time the small business owners thinks they have a great idea for a new product or service, only to discover that people either don’t
want that service or product, or they’re not willing to pay the price that the small business
owner have set in order to be profitable.
Sometimes they discover, joyfully, that not only do people want this new product or service, but that these same people can suggest other new products and services that would work well with
the new idea, allowing the small business owner to see future growth into new areas. Or maybe they discover through their market research that if they made a small change in their product or service, for instance, increasing the quantity of a product or changing the pack from plastic to bottle with a new label, that people would buy it more than what they do sell before.
Another important purpose of market research is to discover
what your competition is doing. You may want to create a new school bag for children with special features and pictures of Ben-10 or any other popular cartoon, and you might discover that your competitors have already created a product line like that to solve the same problem as your product solves. Okay! Does that mean you should then quit and give up precious idea just like that? Negative sir. What it means is that you now know exactly what you are contesting with if you want to go shoulder-to-shoulder with these competitors.

You need to know the basic truth about your ideas before you spend countless hours and money taking and pushing a new product or service to the  market. Don't be discouraged, but I’m encouraging you to find out what your customers want, and what they will really pay for willingly, so that you can ensure future success in your new and existing business. You will succeed.

Think Positive
Hope Uchemadu.

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