Improve your business with Market Research

Often for lack of money and ignorance by others you see no significant plan. But the truth is that an analysis of this type helps a lot to determine the viability of a project or product. 

Ideally, hire a specialist market research company, for there is a no simple matter; however, people who have a small business can take into account some key questions to develop a basic market research.

Improve your business with Market Research

Here are some basic questions that can be used to generate your own studio. It will not be a tool made with all the precision and quality required, yes it will be very important to carry out business plans or to start a business guide.

Roadmap to develop a single market study

  1. What are the formal values of the product or service you sell or do we want to sell? It is very important the answer to this question because it depends on us to do the comparison with the competition.

    2. What are the added values that include our products? Recall that added value is anything that will give the customer to prefer us over others.

  2. Our product or service is or will be a trademark, licensing or other requirements? Consider this point; under which if achieved a successful product could be “pirated”.
  3. If already have products line must answer us: What is the contribution to sales is estimated by product? In this way, we will know if we are really fulfilling the purpose of each.
  4. What is the market size? The answer to this question must be one of the most detailed and authoritative answer, and we must investigate the best we can data sector in which our product or service. To do currently we have The Internet is a powerful tool for this type of information search tool.
  5. What are the market trends we headed? In addition, to the data we find would be good to seek the opinion of experts and analysts, to know where the industry is heading to which we belong.
  6. How segments the market? By income, age, gender, final consumer or industrial and so on. Here we must be very careful not to revolve and establish the market segment that really interests us.
  7. What are our direct competitors? This is a very important point because to predict the characteristics of the competition will be easier to be above them. At this point it is important to examine whether there are indirect competitors or companies that can offer substitute products as well as potential competitors, that is, companies that are not currently but could enter the market in the medium term.

Adequately respond to these questions will put us a step above the competition.

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