Doing market research when starting a business is the first and important step to do. That’s because the business is formed by the market, the product or service will be offered to buyers or consumers. Therefore, market research is needed before doing business to ensure that the product or service to be offered is in accordance with the needs in the market. The following are things that are often overlooked in conducting market research for budding entrepreneurs:
Get to know the character of the target market more deeply
Business actors will know more about the character of consumers who are the target consumers of the products or services sold through market research. After knowing how and what consumers want, business actors will automatically provide what consumers need. It can provide services and create a suitable product.
Analyzing the strategies of competitors’ businesses
The business world is very competitive, so through market research, business actors will know what competitors or competitors’ businesses will do. After knowing the competitor’s steps, the business actor can determine the strategy and steps to be taken next.
Understand consumer needs and demands
For business actors, they must be sure of the products and services that will be accepted and able to answer the needs of consumers. So that later the number of products needed is large and long term. Of course, the impact of this will have an impact on increasing turnover and profits.
Looking for new opportunities
Only through market research, business actors can increase the opportunity to get a much larger turnover and profit. Even this new turnover includes the development of the business being carried out, for example into a go international service or export abroad.
When starting a business, risk seems like a shadow. That is why minimizing risk can be done through market research before starting a business. Companies or businesses that have carefully considered what obstacles and risks may be faced will be better able to survive. Various kinds of risks and obstacles that may arise when a business is running can be identified by conducting market research. Armed with data obtained from market research, anticipatory actions can be prepared.