Market research involves gathering information about your customers and gaining knowledge of your competitors. Knowing how prospective customers will react to your products and services can guide your business decisions and position your company for success.
This article explores the reasons to conduct market research, the benefits of market research projects and the best time to conduct market research.
As an entrepreneur, you’re conducting market research when you
Formalizing this process produces information about
The purpose of market research is to gather the information you need to make wise business decisions about your products, price, placement and promotion.
It’s unwise to rely solely on your intuition and experience. Arming yourself with market research and concrete facts gives you a more accurate picture of your market. Market research also helps you keep pace with and plan for
Understanding the market allows you not only to identify opportunities to grow or increase your profits, but it also allows you to mitigate risk in your business decisions.
Don’t assume that market research is only done during a business’s planning and startup activities. Market research drives the success of both new and existing businesses. Established businesses rely on market research when deciding whether to
Information gleaned through market research during both the planning and growth stages can be useful to your day-to-day operations. In fact, market research is a critical element in every business plan because it helps to
Done right, market research can be a very eye-opening experience. Before undertaking market research, ensure that you have clearly defined what you need to know, as well as the reasons you need this information. You’ll then need to determine your research strategy and choose which methods you’ll use to gather data. Our companion articles can help you learn more about the two main types of market research, primary research and secondary research.
Whether you’re just starting or an established company looking to grow, trust Lift Legal to help you position your business for success. Contact us today to learn more about our legal services for corporate and business matters.
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