Small Business Market Research

Why do Small Business Market Research?

To develop a structural analysis and outline of an industry, focusing on its participants and characteristics!

The key to approaching market research is to understand the objectives of undertaking the research before you begin, and the use of a systematic approach.

The primary objective of analyzing the market is to identify the profit potential within a market and to uncover the threats to and opportunities for that profitability.

The more detailed your research, particularly in the pre-startup phase of your business, the more likely it is that you will be able to position yourself in an area of the market that is not currently being serviced.

Market research can tell you whether or not your product/service will appeal to your target customers, where they are and how you can reach them.

If you decide not to do the research, or rely on the results of a poorly conducted research effort, you are putting the future of your business in serious jeopardy!

If you are not confident in your own ability to conduct the research, you should seriously consider hiring a market research consultant to do the work for you.

A few thousand dollars now could literally save you hundreds of thousands later.

There are four major steps to the process of analyzing your market:

• Identifying the market that you plan to enter,
• Identifying your target customers and analyzing their preferences and buying habits,
• Analyzing the competitors within the market,
• Analyzing the Industry, and
• How to conduct your market research.

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