Market research: a key step
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You think you’ve developed an innovative concept? A one-of-a-kind business idea? How do you ensure your future product or service will be successful? One approach is market research. You’ll gain a deeper understanding of your clients and your competition so you can define your marketing strategies effectively.
When should market research be done?
Market research should be done throughout the business development process :
- Before start-up,it paints a picture of the environment in which your business will operate and confirms that there is a market for your product or service. It helps you set your objectives and determine your marketing strategies.
- During start-up,it's a monitoring tool that can be used to measure the effectiveness of your advertising campaign, determine whether your product or service is priced correctly, predict your market share and better understand your competition.
- After start-up, it is used to measure business's name recognition, customer loyalty, brand image, etc.
Market research should answer 4 questions
- Is there a large enough market for your product?
- Who is your target audience?
- Who is your target market competition?
- What is your business's potential market share?
Want to learn more ?
Read the full article on Desjardins’ website.