Why Market Research is a MUST.
I’ve been living above market research for the majority of my life. I am literal when I say that – my mum’s market research company operates from my kitchen! I’ve been lucky enough to value the importance of market research to any business venture, and I recently stumbled across this quote:
“Failure to do market research before you begin a business venture or during its operation is like driving a car from Texas to New York without a map or street signs,” says William Bill of Wealth Design Group LLC in Houston. “You have know which direction to travel and how fast to go. A good market research plan indicates where and who your customers are. It will also tell you when they are most likely and willing to purchase your goods or use your services.”
The above couldn’t be more true. And I urge anyone out there looking to start a business, or those who already have a business, to invest money in Market Research. It is not money lost, it is money gained. It is invaluable, and critical. If you’re a start-up, you may be living on a shoe-string, but you’ll only continue to do so if your product or service is nonviable. Find your consumers, and talk to them – (that excludes your family, friends, neighbours, colleagues, friends friend, neighbours cousin – they need to be representative).
That’s all for now!