Market research: Some key elements
Before you start a new business or have a product line you want to successfully launch, you should always get a fair idea of:
- how much potential does your venture carry
- is your product unique to be given acceptance by consumers
- Is your venture equally credible like your competitors’ or comparatively stronger or may be weak.
Your business strategies are based upon the above mentioned points. A detailed market research can work wonder for your new venture and is an absolute must have. Market research is detailed study of market ifs and buts to bring business a huge potential and success. Market research is based on S.W.A.T. analysis:
‘S – Study of market
W – What your product offers
A – Assertions for product promotion
T – Tools for promotion’
Studying market before you start your business is crucial to present state of your business idea. Does market actually approve your product? Will market situation actually prove to be profitable for your new venture? It all depends upon the market size and latest trends. Demand of the product by the consumers and how beneficial market situation is for your business are the forces drive your intention to bring your business to market. You can either dig the search engines or draft relevant questionnaire to get the information.
Is your product is actually distinctive from your competitors? This all is gauged by how aggressive are your advertisements and how authentic is your product information. Providing product specific information can extremely helpful as it may help you to know what customers need and fulfill their unmet demands.
To assert your promotional strategies raise the compulsion to understand market to its core and read your competition well. This is how you will be able to put forward strong promotional quotes.
Tools for promotion:
Product has to be made available at a right price – right for both customer and the business. Sound promotional efforts can result in a wide acceptance. Besides that an attractive packaging is also a promotional technique. Apart from this product should also be tested for success.
These key elements of market research form a basis of extraction of relevant data and should be kept in focus by market research companies in India or companies anywhere in the world.
A sharp research helps create a unique brand value. That is why it is said ““Measuring engagement and engaging consumers are two sides of the same coin.”