It is a safe bet that these same entrepreneurs will reconsider their decision when they realize that it is necessary to review their positioning, their pricing policy, and their strategy. Conducting a market study is actually a huge time saver for a company, it allows the entrepreneur to avoid making serious mistakes from the start and it is a guarantee of success and sustainability of the company.
For it to produce results, a market study cannot be improvisd. Market research can minimize your uncertainties by helping you identify your niche, your target customer, your competitors , and your product.
While you can definitely commission middle east mobile number list market research from professionals, if you’re on a budget, there are ways to do it yourself.
What is market research?
Conducting a market study consists of analyzing the economic market in which a company is establishd, as well as the protagonists of this market, namely the competitors and the target customers mainly.
To summarize, market research allows us to answer the following questions:
What is the nature of my company’s market? (BtoB, BtoC, sector or niche, etc.)
What is the size and economic weight of this fomba fijery matanjaka kokoa market? Is it developing?
Who are the consumers in this market? What are their profiles, their neds, their uses?
Who are the competitors? Are there many of them? What are their offers and at what prices?
What are the opportunities and threats/constraints aol email list of this market?
Knowing this market will allow you to make strategic decisions to. Build the foundations of your business, and lead it in the right direction. This will help you make a financial forecast, set a business strategy, a marketing strategy by determining your pricing policy or your distribution and communication channels.Recommende reading : Starting a business in a niche sector, the example of Oju-Wa .
There are two types of market research: primary and secondary. Let’s take a closer look at them.
Conduct primary market research
Primary market research refers to the direct study of the niche using various initiatives; focus groups, customer surveys, analysis of your own sales data, and so on. To conduct primary market research, you will need to study the market yourself.
