Small mistakes can cause great losses. And hence it is very essential to give attention to every detail. And one such mistake that is overlooked by most of us is Market Research. Firstly, it is very easy to overlook market research. People think that spending a huge chunk of their time on market research is similar to waste of time. They rather think of production and selling their goods before performing a thorough market research. And this mistake comes as a boomerang to them in the form a huge loss.
Lack of market research is the main factor as to why most of the businesses and startups are facing loss. This mainly affects the startups and small businesses that have just made an entry in the industry. The main factors essential for a new business to flourish are customers and sale. And as a matter of fact, market research can help them get both.
Most of us mistake market research as a specific activity or method. But rather, it is just an attempt by individual businesses to know the market in and out as well as know their target users. Some businesses might be good at it, others might grapple.
Hence, before you begin the research, you need a specific framework. You must know the points you need to cover in the research. Knowing the target audience is just a part of the research. There are several other points that need to be covered. This includes knowing the industry or region where you are running your business, the local competition that you will be facing, the advantages of your product to the users, and so on.
Once you have covered all these points, then we can say in true sense that a thorough market research has been conducted. This will eventually lead to growth opportunities for your business in the time to come.
Knowing the enemy is one of the important tactics, which is required to win any battle. This was the rule followed by mythological kings. And this is no different in the modern era. If you need to conquer the market, you need to know your rivals and competitors well.
By knowing competition you will be able to shed light on a number of things. Firstly, research on what your rivals are offering unique to the users. This can be a new product, the difference between your product and their product, the quality of products, and so on. Next, you need to study the unique factor that they are adopting. Apart from analyzing the above mentioned factors, it is essential to study the supply too. Being aware of the current players in the market where you are battling or going to battle is essential when evaluating odds. You need to ask a specific set of question. Some of which are:
• What are the brands and products of our sector that are developing more considerably and why?
• What is their current market value?
• What competitive benefit do we have over them?
Once you have figured out this, do not mistake to copy that approach. This will lead south and your business might worsen. Rather, research on how different you can tackle the uniqueness of the rivals with that of yours. In addition to this, also research on what modification you can do in order to stand out of the box from the rest of rivals. This can be done by focusing on the dissatisfied user base. Address their concerns and issues and find a solution to fix them. As soon as you are done with this, you are half way there to achieve your goal and proceed further.