Why you should do market research before you start your business.
January 12, 2012 Leave a comment
I grow my business through networking. It is a requirement for me to be successful as there is not a lot of people Google-ing “market research Raleigh” in a given month (I’ve checked it and it’s only about 150 per month).
During the networking opportunities with those with complementary businesses, I get often get the question of “What is your ideal client?” I typically smile at this because, unfortunately in my mind, they are not out there. However, I did meet one last week. My ideal client is someone wanting to start a new business and wanting to do it right. “Right” is doing research immediately after concept but before doing anything else. The below is a great representation.
Many new business owners and entrepreneurs do not do any market research. They are tacticians. In other words, they are good at what they do, whether it is running a restaurant, building homes, or developing the latest tech widget.
The idea of doing market research at the beginning of the process can help confirm or refocus
- You beliefs about your concept
- Your intended target market
- Your marketing/advertising program
Have you ever done market research before you started an idea or business? If you did not and did some afterwards, did you wish you had?
–J. Nolfo helps companies understand their market and customers though a variety of market research strategies. He has over ten years of experience of market research for strategic planning purposes. He is the Director of Research at Rhino Market Research. He shares his thoughts about market research and business concepts with his blog “Pensare…Understanding Market Research in Business“. If you would like to discuss this blog or how J. can help you understand your market and customer needs, email him at email@example.com.