A market study analyzes market supply and demand, to check the feasibility and viability of your project. 💥
This step is essential to better understand the size of the market, your competitors, and to better respond to your future customers.
There are several types of market research:
Quantitative study 📊
Quantitative research is often represented by figures (statistics, key figures, etc.), and therefore enables information to be quantified and measured.
To do this, you can set up simple questionnaires and surveys (closed questions) by interviewing a representative sample of your target clientele.
The qualitative study 🗣
Qualitative research is much more in-depth and detailed than quantitative research.
It's usually in the form of questionnaires, but with more detailed, well-argued answers and information. It's important to analyze them, in order to adjust your project and fully understand your future customers.
- What triggers the purchase decision: a craving or a solution to a problem?
- What are your expectations of the service: price, quality, features, ancillary services, etc.?
- What is the personality of your typical customer: age, gender, hobbies, job, etc.?
It may be that, after your research, you realize that your products or services are not of interest. If this is the case, take the news positively: you've just avoided a launch into a market not (yet) ready for your product or service.
Watch 🕵️
It simply involves finding information (available on the Internet) about competitors and their customers, in order to familiarize yourself with the market.
Tip 🧠 After setting up your settings, you can receive alerts on Google when content of interest to you is published on the Web (Google Alerts).
Finally, once you've made all the necessary analyses, it's important to transcribe your work into a written report. This will enable you to prepare the most suitable offer for your target clientele.
And that's one step of the business plan completed! ✅
Good to know 💡
- Properly targeting your future customers is essential if you are to have an accurate understanding of their needs and behaviors. 🎯
- It's advisable to call in a specialist to get an objective, professional eye on your project. 👀
- Even if you decide to hire a professional to do your market research, the ideal thing is to stay involved as much as possible so you don't lose track of your project. 👥
- A thorough knowledge of the business sector is the key to a successful start-up. 💯
As part of the process of setting up your own business, take a look at what you need to know before starting your own business so that entrepreneurship no longer holds any secrets for you 😉
If you'd like to find out more about this topic, this article may help.
