How to do market research to make a business idea a winner

Discussion in 'Business Ideas' started by swift, May 30, 2013.

  1. swift

    swift
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    To be a success and make a profit you need to find a gap in the market to exploit. Whether you are looking to launch a revolutionary new product idea or offer a new service to an unconquered area, your aim will be the same - to stand out.

    Find free market data

    Take an expert help

    Face-to-face research: there's no substitute for talking to people

    Make the most of the web

    Run a focus group

    Asses your target audience
     
  2. daytrader

    daytrader
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    Location can be a great factor for businesses to have success so it should be part in the market research.
     
  3. Rocky

    Rocky
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    One of the biggest mistake that people make while doing market research is relying solely on secondary data. If you are going to introduce something new in the market then it is essential that you collect primary data and use the appropriate sampling techniques as well.
     
  4. LordRoco

    LordRoco
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    Also, as previously pointed out, you need to know the vibe of the population. If you dont do that, it would be like opening a chicken center in a vegan colony. Another important factor that needs to be noted is local advertisements. People spend a huge amount of money for media advertisements when they havent popularized their product with the locals. It is important because, buyers often turn to the locals for feedback about your product.
     

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