Failing to do proper market research is one of the biggest causes of disappointing business results. However, it’s too easy to cut corners with research and then end up with disappointing results. Time invested now in research and preparation will be repaid handsomely later on. It will not only stop you wasting time and money going into the wrong market, it will make it easier for you to develop and sell profitable products and services.
So make sure you take the research seriously. Spending a few hours surfing the web doesn’t count as research. Follow the process, take notes and keep records. Your research isn’t just about choosing your market; it also provides a great deal of valuable insight and knowledge that will help you later.
Here are some important keys to bear in mind to get the best out of research.
1. Trust the results
Many people make the mistake of doing the research but then not actually acting on the results. They may put more emphasis on their own experience or instincts rather than rely on the hard facts. They think they know the market well enough and often they end up making expensive mistakes.
2. Be specific
To find the best markets, you often have to drill down to more focused groups or niches. Be ready to drill down from a wide category to identify more specific sectors and sub-sectors. However don’t make the mistake of narrowing down the niche too much. Your chosen market needs to be big enough to deliver high volumes.
3. Use a range of research sources
There are many different tools you can use for your market research. You probably won’t use them all but check out a few rather than rely on just one. You need to build a broad picture of your market so that you have as much knowledge about it as possible. While you may learn a lot from a simple Google search, you need more information before you put time and money into creating a business.
4. Research the competition as well as the customers
When you research your market, you need to look at the potential competition as well as the customers. Looking at the competition will tell you a great deal about the market. When you study the competition, you can get an idea of what succeeds in marketing. You should always be happy to see competition. It is usually a sign of an active and potentially profitable market for someone following the right system. By looking at your competitors, you’ll also be able to identify where they are missing something out so that you know where there may be opportunities.
5. Use research to guide your decisions not to justify them
Many people make the mistake of deciding what they are going to do then half-heartedly using research to justify it. It’s important to start on the research process before you make any big decisions.
Research will help you find the right market and show you what you need to do to dominate it.
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