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How to Do Market Research in 6 Steps
liveplan.com
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Once you have your list, it’s time to get to know the competition. Check out their websites, social media, customer reviews, and news stories from the last year. “Sign up for their email lists, visit their stores (if they have them), and track down any industry reports that give you an idea of their size, performance, and strategic direction.” You don’t have to do everything I just listed. But you must go deep enough to clearly understand your competitors and why potential customers may choose them over you.
Who are your customers? “What are their buying and shopping habits?” How many of them are there?
What are their buying and shopping habits? “How many of them are there?” By exploring your ideal customers’ problems, desires, and current solutions, you can build your product, service, and overall business strategy to better serve them.
How many of them are there? “By exploring your ideal customers’ problems, desires, and current solutions, you can build your product, service, and overall business strategy to better serve them.” When starting a business, conducting market research to get to know your customers is one of the most important things you can do.
But, we neglected to do our market research. “We ended up with a product searching for a market instead of figuring out who our target audience was and building a product specifically for them.” You can avoid making this same mistake.
One of the biggest and most expensive mistakes I’ve made in my business career could have been avoided by doing a little homework. “Tons of businesses would need it, and it was almost guaranteed to be a huge hit!” But, we neglected to do our market research.
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