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MARKET RESEARCH

Why do a market research ?

10 reasons to do market research

Regardless of the project or the profile of the entrepreneur (international advertiser or start-up and intermediaries), market research is essential even if the future entrepreneur has the impression of having good control of his environment.

Moreover, market research beyond the validation of the project, will reveal a clear strategy and guide the decision-maker in his environment.

1. Check the opportunity to get started by validating the existence of a sufficient potential market to ensure the economic viability and sustainability of the business.

3. Define your direct and indirect competitors and have a clear idea of their activity, their offer and also their responsiveness to the arrival of a new player.

7. Validate or invalidate your initial assumptions and impressions, and thus be able to reorient or correct you quickly. Market research, because it provides rational and objective information, saves time and allows you not to scatter unnecessarily.

9. Minimize the risks. The market study will highlight the areas for vigilance. It allows you to appreciate the reality of a market and to adjust. Thus, it greatly participates in the reduction of failures.

 

2. Clearly understand the environment in which the company will operate and be aware of the positive and negative influences it will experience. For example, the fiscal, legal or even ecological environment will have to be taken into account.

4. Know and quantify your future consumers / customers, for example being aware of their consumption habits. These elements will make it possible to develop a relevant discourse, able to seduce them.

6. Define your business strategy and the resulting marketing plan by establishing consistent “product”, “price”, “distribution” and “promotion” policies.

8. Make thoughtful choices that best serve the project. Indeed, market research is a time to reflect and take a step back and it will also help to make decisions with more confidence. For example: studying a location, in the case of opening a point of sale.

10. Formalize your project, the market study will be used to make your project credible with potential partners, associates, or even before juries of professionals.

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