Market study: when and why?
A tool that provides business viability and information for decision making
The desire to become an entrepreneur and the excitement of an idea that seems more than good, leads entrepreneurs to venture into the business world. If this is your case, before taking the first step, we recommend the following:
Carry out a market study.
Because? The answer is very simple, this powerful marketing tool will allow you to make better decisions regarding the business viability of your venture. With it you can get more reasons to continue with your project or change it.
Let's go by parts.
A market study is a series of actions that allow the profitability of a proposal to be investigated in a specific segment (time and place). That is, discover what characteristics the public you want to reach has, the competition that exists and, of course, the possibilities of the context.
In other words, answering questions like who buys what? When and how often? Why is he even doing it?
All this prior to the launch of the product, service or project in general that you have in mind.
Among the general benefits of a market study are:
-Clarity regarding the specific target you want to reach.
-Greater approach and understanding of the competition.
-Effective market feedback.
Who performs these services? Well, if you have a marketing department in your company, it's time to approach them to ask them to design this strategy. If this is not the case and you are in a growth stage, we suggest you approach research professionals, as well as specific market research agencies in your city.