By: Dejaenaye Wilkins
How did Wendy’s know to continue the 4 for $4 deal that includes a burger, fry, drink, and nuggets, when it was originally only for a limited time? The answer is market research. Market research is the collection and analysis of information aimed to understanding the behavior of consumers in a certain market. Market research is a critical factor in a success of a new business, it shows the opportunity and decision you need to make as a new venture. Since 8 out of 10 entrepreneurs who start businesses fail within the first 18 months, there are 3 main points you need to know.
3 Key Reasons Why Market Research is Important?
- Potential Markets
- Forecasts Sales
- Analyze Demand
When dealing with a new business you must try to touch non-reached markets to create your company’s niche. You can’t do this without doing you market research (Demographics, Geo graphics, Buying Behavior, etc.)
When your new venture begins to grow you must be able to know how well off you are so you can plan for future endeavors for your business.
By understanding the role of your venture you can determine if it’s a want or need to promote appropriately.
3 Resources Businesses can use to Receive Market Research
- Old Surveys
- Focus Groups
- Research Agencies
Believe in Ohio Aspect
CDG Marketing used market research in Believe in Ohio to understand our competitors benefits and features to show our possible consumers our competitive edge.
Want to know more about market research? Watch this video…https://youtu.be/Zq391bgs6h0