Explain Market Research

Every field of work has what is called by its practitioners as best practices. The reason why they exist is that without them the exercise of the field if its either art or science is done in a better way or with more ease if the practitioner follows them. For the field of computer programming as an example, one good practice is to write your code in as clear as possible manner in order to make it easier for other programmers to understand the code. For science in general, the best explanation to a problem is the simplest one that incorporates all available evidence. In business either online/offline, the same applies and one of those so called good practices is market research.

So, what is market research?

Explain Market Research

Market research is a type of research whose goal is to find out if there is a market for a certain product, and if there is if the market is not yet saturated. A good reason for doing this is along with the chance to know if your product has a chance of making it, is to also be able to abandon it before large amounts of money are spent on product development and/or marketing. Just like quality, this is one of those things that every entrepreneur should do whenever he plans to start a brand new business.

With market research the chances of failure in the new business venture are reduced, making room for other not yet explored ideas to come to light in the place of the already doomed one.

Market research tools

There are thousands and thousands of ways of doing market research, but it all boils down to the source of information on the research process. Today, sources like google can give you an idea of how well a product can do based solely on the amount of traffic the keywords related to the product you’re planning to launch get every month. The greater that number the greater the potential. The problem is that if the number is too big, that might also mean that the niche the product might be saturated. So both huge and small numbers can represent red flags.

Another way of doing market research is by going to the field yourself. If you plan to open car shop in a new city, a good thing to do is to go to the city and survey the people who live there about how much they would like to have a car shop and how useful it would be for their lives.

There are many more ways of doing market research, but the fact that a certain product doesn’t have any market at the moment does not necessarily mean you should quit the idea you’re thinking of implementing. Sometimes the fact that very same idea does not exist anywhere, might be that it  is the founder of a new untapped market.

It is all about knowledge and experience 😉

Leave a comment below

Leave a Reply

Your email address will not be published.