Market Research

Starting a business or launching a new product or service can be puzzling and a bit intimidating. You raise big questions that you don't know how to answer. Luckily, some people do. We'll answer:

1. What is market research?
2. How to do a market research?

What is market research?

Market research is the act of collecting information on a product or service that you plan on offering to the public. The study encompasses the target market and audience as a whole. The data is later analyzed and interpreted to make well-informed decisions.

Start with a list

Create a list of the questions you have. It doesn't matter how general some of them might be. During this first stage, the important thing is to raise as many questions as possible.

Go on Google

Now, google each of your questions. You don't have to be too picky, skim through the results and copy the link to the ones you think could be relevant. Create a new text document and paste the title, description, and link to those results.

Expand your research

As you are searching, you are bound to find quotes, keywords, and terms relevant to your questions. Paste them all into the same document. Don't worry about organizing them all now.

Competitors and niche markets

Chances are someone, somewhere has done something similar to what you are planning on doing. And that's a great thing. Find as many direct and indirect competitors as you can, then view the reviews people have left on them. Don't forget to search for competitors in your area. Add the findings to your document.

Organize everything

It's time to find your answers! Review and summarize your findings. Create categories and subgroups to organize everything. Repeat the research process if other questions pop up. Another great way to further your research is to contact the experts who created the material you found relevant to your business.

The next step

Now that you've learned the basics of Market Research, it may be time to start thinking about writing a Business Plan or understand other relevant things such as Business Strategy and Branding. Either way, don't forget to share this skill with your friends and sign up to receive new ones by email every week.

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