Importance Of Market Research For Startups Essay
Market research is a vital component of any business plan, but unfortunately many startups either, ignore it or treat it as a one off ancillary function. Marketing research provides the necessary data and insight that allows a brand or business to understand what motivates their target audience. It also reveals market trends that will impact the manner in which the market responds to certain stimuli. Businesses that make market research a central focus in the development of their business strategy and marketing campaigns will discover that they have a decisive advantage in the area of competitiveness.
The global economy has proven to be fertile soil for the launch of small businesses; however, the increase in the number of small businesses in multiple industries and niches has served to intensify an already highly competitive market. Regardless of whether a person is expanding an existing business or starting a new one, market research is essential to gaining a lucid perspicacity of the target audience and what drives them. For any business, the primary objective is to gain a sizeable share of the market, and then hold on to that share while working to seize more.
Identifying Potential Customers
When it comes to startups, market research is how businesses will be able to identify their potential customers. Depending on the products or services offered by a specific business, there will be a specific group that will be…