The Importance Of Researching Your Market

The Importance Of Researching Your Market

Marketing Research Must Be Done Before Launching A Product

Ever since the first day that someone tried to sell a product to someone else there has been a need to research the target market for products. So why do so many businesses fail to do it? There really is no good answer to such a question. But the fact of the matter is people still try to sell products without actually doing the research to see who is going to buy those products. Just because you have what you think might be a killer product that does not mean anyone else is going to agree with you.

Proper Marketing Research Is Critical

It cannot be stressed enough how important it is that you do your homework. There are questions that you need to ask and you need good answers to those questions. The answers may not be the ones you would like but they need to be truthful to the product not to you. Remember just because you think something is a good idea does not mean that it is.

What To Ask About A Product?

So what kinds of questions should you be asking before you launch a product? Well right at the top of the list is who do you think is going to buy your product or service? Who exactly is going to be your target market? Young people, old people, other businesses, businesses in a particular industry, pet owners, or someone else entirely. Remember that you need to be specific. If possible you should develop a primary list of people you think would buy your product and another list of secondary markets that you might be able to target later.

Asking Why

Next you need to ask the question why. Why will they buy your product? Again be specific and make sure to answer the question for each group that you have targeted. You need to carefully consider this question because often this will tell you whether there will be enough demand for your product or not. Once you’ve determined the why you need to consider the where. What sources will you use to sell your products? The internet, catalogs, chain stores, specialty shops or directly. Whatever way it is make sure you are clear about it.

Who Is The Competition?

Once all of these other questions are answered then you need to consider your competition. Is there a lot of it out there? And how can you differentiate your product or marketing efforts from theirs. Is your product really superior or is it better priced. And if another product is entered into the market how are your competitors going to react? The last thing you need to look into is whether there are any government rules pertaining to your products.

Evaluating Products

Some products are easier to evaluate than others. Often this kind of research can be done with only a little help and some common sense. But it does depend on the product. Many businesses cannot necessarily afford to do expensive market research. Instead they go on a gut feeling. If that is your situation then be advised that you are taking a risk. So it does make sense to first use every means at your disposal to do what research you can. It could save you from making a big mistake.