Is there a Market for what you want to do? Or, Who is Going to Buy/Use/Need Your Product? Get Stats through Market Research

If you’re going for gold, you will need to know a few things about your industry and the market you serve.

  1. Who are the industry leaders or key competitors?  
  2. Is it a growth industry?
  3. What types of businesses serve the industry?
  4. How big is the market?
  5. How does your business fit into this industry specifically?

Determine who will actually use your product. Sure, you think. No problem. But, how?  Market research.

To get the best statistics on your target audience, determine the right questions to ask and how you want to ask them. You’ll want to know what answers you need to collect to answer those questions as well as decide how you’ll collect the information.

These three things involve such options as questionnaires, surveys, direct asks, and polls. Once you’ve asked the questions and gotten your answers, you’ll also need to analyss them and determine what you’ll do with the results.

Other ways to get statistics on the people who use or need your product include surveys, direct ask, and people watching.

  1. People watch – at the mall, in the park, anywhere and everywhere.
  2. Direct Ask – ask a question: If you could do something better, easier, faster, cheaper would you? What if I told you, I had a product that could help you do just that? Would you use it?
  3. Surveys – Maybe you’ve chosen a target audience and asked them to try your product. from their experience they’ll be able to you what they liked, didn’t like, what could be improved, what needs to be scrapped, and so on.

Difficulty rating: 3 of 10 to gain solid market research stats

Market research is not difficult, but to do it right with the right analysis it is time consuming.  It requires a lot of upfront legwork, but it’s a necessary process as you lay the groundwork to get the most effective and useful information. You’ll be interacting with potential customers, so it’s a good idea to understand what it is they need, how they’ll use it, and for what purpose.

How do I know I’m doing it right?

Your customers will tell you. Your product will sell and demand will be high. Referrals will roll in and the right referral just might net you a large wholesale order. There really isn’t a right or wrong way to glean feedback, but, do make sure you understand and eke out what the ultimate benefit might be to a prospective customer.

A great resource to get started:  https://canadabusiness.ca/business-planning/market-research-and-statistics/conducting-market-research/guide-to-market-research-and-analysis/