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6 Tips on How to do Market Research for your New Business Idea

Market Research 2
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The year is soon ending and everyone is already planning for the coming year, so many people who have new ideas and so very many businesses are starting off as soon as the new year kicks off. Well this is not bad in fact it’s a great deal in fighting unemployment but with a new business at hand, you need to know how you are going to get your products or service to your clients and referred to as market research.

How Are You Going to Market your Products or Services? Have you Researched about the Available Market?

So, lets see how we can go by this whole new business before us and How we are going take it step by step.

Market Research
Market Research – Image Credit: Pixabay.com

We all know the word marketing but most people don’t really know what it means, google defines it as an action or business of promoting and selling products or services including market research and advertising. Another complex term is marketing research which is a process that links the producers, customers and end users to the marketer through information used to identify marketing opportunities and problems.

Basic Research about your Competitors

Before producing samples of your product, first check out your to be competitors, find out how much they charge for each product or service they render to the people. Find out how they get to the people that is what type of market they target. Find out everything from how they organize their offices, shops, kiosk or whatever they use to the last step of the whole selling process.
This is good because it gives you an insight of what you are about to join and you get a chance to make changes and adjustments and this can make things easy for you.

Client Taste and Preferences

After this, make some samples of your products and try to distribute it to the people around you and let them test or taste and compare it with the products of other producers then ask them for their honest opinion, this will help you so much to change and make your product unique in any possible way. You will be able to know what is missing in your product that others have and how to add it in. Don’t be selfish remember two heads are better than one we need everyone around us in business.

Market Research

The next step is looking for market and this is what is referred to as market research. This is an important step in the life of every business and it is the door opener to your new business. Below are some of the things you should put into consideration.

1. Availability of the Opportunity

Determine if the opportunity exists, is there a chance that such products are on demand or if it’s a new innovation is it a necessity to the public. If the opportunity does exist, then you know you are on track and this will work.

2. Get to know who your competitors are

Market Research 1
Market Research 1

As I had mentioned above this is important because you use their loopholes and weaknesses to make your business better. Visit as many outlets as you can, ask questions and make appointments with your competitors and learn more about how they operate the business. This is some strategy billionaires like Tai Lopez have used and they testify to it that it works.

3. Find out about the consumer behavior changes

The demand for every product changes at one point, seasons determine how the consumers will buy a given product for example heavy rain coats have no demand in a hot season, so find out if your product or service is seasonal.

Knowing the consumer behavior changes through market research will help you prepare for the different seasons early enough. Also find out what the consumers prefer, this will help you supply exactly what people want and this will raise the demand hence making more sales and also giving your product more publicity.

4. Possible Number of Customers / Clients

You need to know how many people are in a given area, is it a town, school, church or hospital area? Such places have more people compared to other places and this means the market is bigger here. This will help you know where to supply more or less and what products are needed more in such areas.

5. Number of Competitors in the Business Location

Next you need to know which area has a larger number of such business. Here in Kampala, there are places known for specific businesses for example kiseka market so most people go to these places because prices tend to be lower due to the tight competition. Are you also planting your business that side or are you planning to make it different?

6. Look for areas that will be most receptive to the product

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market-research-2

If your product is for hospital use, then you have to stage your business around pharmacies and hospitals not schools and churches, such areas will be the most receptive and the demand will be high.

Well, this topic is so broad and I can’t exhaust it now so am going have to bring you part 2 and discuss further on the remaining areas including publicity and advertisement and so much more. 

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