Learn How to Run Your Market Research

Market research should answer key questions, expose risks, and will probably throw up other questions.

Markets study should provide fair realistic information, clearly stating the risks associated with a market.

When you plan to run your market research, be careful that you don’t seize on information and data to back up what you are hoping to find – that your business is a great idea!!

But take care to be open to market realities and factors that may even enhance your business plans. Keep a look out for niche markets that may present better opportunities than mainstream, where there is more competition.

Carefully assess market factors. There are many factors which can affect the size of a market and its pace and direction of growth. They include:

·         Regional economics, politics, culture, geography and weather

·         Seasonal and cyclical trends

·         Fashionability and trends

·         Customer wants and needs

·         Competing markets

·         Technological advances

·         Educational opportunities

·         Employment

·         Regulatory requirements

·         Financial incentives, grants and programmes

·         Company schemes and productivity.

Also look carefully at competition:

·         Is there a lot of competition in your market?

·         Who are the players?

·         Is the market dominated by a few large companies or is it mostly small                      operators?

·         What are the strengths and weaknesses of your competitors?

·         What is the market scope of your competitors?

·         How profitable are they?

·         What types of problems do they face?

·         What is your Unique Selling Point (USP)? What can you offer customers that            your competitors do not?