Small Business and Market Research
Monday, October 17, 2005
Before selling a product or service, it's important to know the market you will be entering. Research includes finding out what potential customers need, what they want and don't want and why. Your goal is to build a demographic profile of your customers.
Market research can pinpoint key business factors about your market:
- Growth trends
- Market size
- The best location
- How your business stacks up against the competition
- Factors that influence buying decisions
- Demand for your product or service
- It also can reveal information about your customers and prospects:
- Demographic profile
- Features or services they want
- What they like/dislike about your product
- How they use your product or service
- How often they buy and how much they will pay.
Tags: Market Research