Continued: How Do You Undertake Business Market Research? How To Do It on a Tight Budget?

Business market research continued: Whatever route you decide to take, here are the key steps that market researchers suggest that you take in conducting a business market research survey. Whether you are contemplating a home business or a larger small business, the research methods, processes and topics are similar.

Here are a set of steps you can take to do your market research:

1. Sketch out your business idea in vivid detail, almost as if when you finish describing it, you will launch it. Describe your concept as accurately and as realistically as you can, based on your knowledge to date. You should answer the following questions in your description:

  • What is your product or service? Describe it in as much detail as possible.
  • What are the benefits of your product or service to your potential customers over what is on the market today?
  • What will your company look like? What will be its personality?
  • What promises will you make to the customer?
  • What does your typical customer look like?
  • If the customer will not make the decision by himself or herself, what does the influencer (the other person making the decision) look like?
  • What is the size of the potential market for your product or service?

  • What's your competition like? What's the competition's weak spots?
  • How will you reach the customer?
  • Who will help you reach the customer?
  • How is your product or service positioned in the marketplace? Are you the cheapest price? Do you charge the highest price but offer the best product quality? Do you offer the same price but better quality or service? What if you were to offer the best price, the best quality and the best service?

Refine all of your concepts, making them as sharp and as focused as possible. You probably feel like you are ready to start a business. In reality, you are ready to start your business marketing research effort to prove or disprove your ideas.

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