With approximately 590,000 UK startups forming in 2017, it’s a shocking statistic that around 50% of those businesses are predicted to fail. We look at how market research can help buck that trend! “By failing to prepare, you are preparing to fail!” Benjamin Franklin. Tribes are experts at helping start-ups carry out market research quickly and cost effectively… come and have a chat with us!
When embarking upon a new business, the first question has to be whether there is the demand for your product or service. Assuming your market research indicates there is the demand, you will want to look at your product or service in detail so that you can be sure you are fulfilling, even surpassing, your potential customers requirements. You may uncover a new opportunity that you hadn’t considered before!
In addition to identifying areas of opportunities, your research could indicate areas where you may experience difficulties. Being aware of these potential stumbling blocks at the very outset of your business will ensure that you are armed with vital information. Find ways of overcoming these problem areas and you’ll be ahead of the game!
Anyone starting out in business will naturally test their business idea with their family and friends – it’s human nature. However, you really cannot afford to limit your research to the people who are closest to you. Market Research carried out by an independent agency will be completely objective and unbiased. This way you can be sure of getting honest, constructive feedback that will ensure you create a product/service that is robust and meets the demands of your potential customers.
By ignoring the research phase of your business, you could find yourself investing a considerable amount of money in your idea only to find that your audience actually want/need something different. This is an expensive and risky way of developing your product or service. Reduce the risk (not to mention your time and energy!) and do your research beforehand.
The key to any successful business is knowing your target audience. Understand what their needs/desires are and ensure your product or service fully delivers. Your market research will help you create a picture of your ideal customer… who they are; their needs; their expectations. When you understand this, it will help shape and benefit all aspects of your business from branding, pricing through to communications.