Knowing the market deeply can be inspiring but a much more assertive inspiration. So do some market research if you want to:
- Start a new business
- Test a new product or service
- Explore an unknown market niche
- Create a new segment in your business
- Make decisions about a product or service
- Plan a new marketing strategy
- Improve processes in your company and much more.
If you want to make decisions with lower risks of making mistakes then you definitely need Market Reports .
Importance of Conducting Market Research
As mentioned earlier, market research is essential to drive the best decisions, whether for a new venture, a new product, or even branding or marketing decisions, for example. It can be performed in different ways, with different depths. But it must always be considered. Nowadays, with the facilities provided by technology, it is very easy to put into practice your research. So you no longer have the same excuses as before, of time or cost. Often you can create, distribute and analyze the results yourself.
It all depends of course, on the complexity of the information one expects to obtain. Understand the possible roles of market research and understand which makes the most sense for your business moment.
Determining the Feasibility of a New Enterprise
Market research can be crucial when starting a business. A survey can help you define important points such as location, logistics process and branding. Or, before that, it may warn you that perhaps your idea is not so good for the chosen market, and you can sharpen it before facing possible failure. In the past, long and complex business viability surveys were carried out. Sometimes the idea that would be viable at the beginning of the research ceases to be viable at the end of it. Therefore, simpler methodologies, such as Lean Canvas, are currently used to create startups.
The goal is to validate the business model with a minimal version of it in practice. It’s a kind of quick, short survey with a selected audience that will provide you with quick answers as well. So you do not lose the timing of your venture.
Test New Products and Services
Just as you can validate a new business while minimizing risk, you can also test new product or service ideas. The purpose of this research is to evaluate whether it is worth developing and launching a new product based on consumer behavior and opinion. In addition, research can enrich the project by bringing new market insights that your company may not have considered.
This is the case with Facebook feature evolutions, for example. They develop a new kind of function for the platform and make it available to beta users. They test for a while, and Facebook evaluates what the rebound was like. Depending on the product may be discontinued without even being officially launched. You can conduct market research for group product testing in person.
Let’s say your new product is yogurt. You can introduce him to a group that represents your persona well, and analyze their expressions as they eat. Then listen to their opinions on taste, texture, smell, packaging, and even price ideas that would pay and better places to distribute.