5 Secrets of Good Market Research

5 Secrets of Good Market Research

5 Secrets of Good Market Research

Failing to do proper market research is one of the biggest causes of disappointing business results.However, it's too easy to cut corners with research and then end up with disappointing results.Taking time for research now will prove highly valuable in future.It will not only stop you wasting time and money going into the wrong market, it will make it easier for you to develop and sell profitable products and services.So make sure you take the research seriously. Don't just spend an hour or two surfing and say you've done research. Follow the process, take notes and keep records.Research is much more than deciding what market to be in; it also gives you a pile of information, resources and contacts that will be useful to you later.Here are some important keys to bear in mind to get the best out of research.1. Trust the resultsMany people make the mistake of doing the research but then not actually acting on the results.They may put more emphasis on their own experience or instincts rather than rely on the hard facts. They think they know the market well enough and often they end up making expensive mistakes.2. Be specificTo find the best markets, you often have to drill down to more focused groups or niches.Be ready to drill down from a wide category to identify more specific sectors and sub-sectors.However don't make the mistake of narrowing down the niche too much. You need to choose a market that is large enough to provide the profit you are looking for.3. Use a range of research sourcesThere are many different tools you can use for your market research. It may not be practical to use them all but it's important to use several of them so that you are not dependent on the data from just one or two.You need to build a broad picture of your market so that you have as much knowledge about it as possible.A quick Google search may give you some good information but it is not enough to be the basis for investing your time and money into building a business.4. Research the competition as well as the customersWhen you research your market, you need to look at the potential competition as well as the customers.Looking at the competition will tell you a great deal about the market. When you study the competition, you can get an idea of what succeeds in marketing.Competition in any market is good news. It is usually a sign of an active and potentially profitable market for someone following the right system.By looking at your competitors, you'll also be able to identify where they are missing something out so that you know where there may be opportunities.5. Use research to guide your decisions not to justify themMany people make the mistake of deciding what they are going to do then half-heartedly using research to justify it.It's important to start on the research process before you make any big decisions.Research will help you find the right market and show you what you need to do to dominate it.

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