Market research is one of the most important aspects of entrepreneurship that should never be ignored and underestimated. Many businesses and brands are there that enjoy longevity. And the reason is pretty obvious – market research is conducted by the owners after a regular interval to understand the targeted market, find out the realistic competitors, and know the customer problems. Jignesh Barasara, a successful entrepreneur says that market research is the easiest way to keep up with the competitive edge, understand the market trends, and size up the business opportunities. Check out this post to learn everything about market research and its importance for entrepreneurs.
Define market research and its objective
The scope of your market research is majorly influenced by the objectives of your business – what do you want to get from the market? What are the factors you want to get familiar with? What external factors are there affecting your business? A well-defined objective will help you pick the right type of market research for desired outcomes. Look at the following for detailed information.
Primary Market Research
It includes the following:
- Evaluating the sales effectiveness
- Determining the quality of the products and services offered by your competitors
- Getting familiar with the modes of communication utilized by your opponents
- Pinpointing the active competitions
Secondary Market Research
According to Jignesh Barasara, this market research can cover the points listed below:
- Reports and data of the company
- Studies and surveys
- Government data
- Newspaper reports
Please keep in mind that primary market research can be conducted by a business or individuals to collect unique data for better services, products, and improved efficiency. Secondary market research, on the other hand, depends on the data and details available already in the market.
Essential Steps for Market Research
Successful market research includes a 4-step process. It includes the following:
- Checking if the same research has been done before or not
- If yes, then analyze the relevant data to meet your goals
- Assess how the existing data and details have been used
- Is it truly important to conduct the primary research or available data can help you cater to your needs
Why is Market Research Important?
Apart from talking to your targeted customers, published reports and data also have great value. The best thing about these reports is that you do not have to go here and there to get them. You can easily avail of these reports by going to the trade associations, business groups, and so on. Market research is quite an important aspect when it comes to entrepreneurship suggests Jignesh Barasara. To know your targeted customers, their needs, evolving trends and technologies, competitors and their tactics, etc. are some crucial aspects of market research.
Final words
According to Jignesh Barasara, some new entrepreneurs think that they can start a business by having a new yet unique idea. However, such ideas cannot be turned into great business propositions because they lack proper market research. But when they combine their ideas with proper market research, they will get familiar with the audience, their needs, market demand, competition, and so on. So, never underestimate the power of market research.
