Why do we need market research?

6:23:00 AM

Some business creators still neglect market research, an important step in the design of their project. It is a wealth of information and a valuable basis for writing the Business Plan. It is indeed a slow but compulsory step to maximize the chances of success of his project. 

The market research will determine the feasibility of the project and answer the questions: is my project viable and feasible? The market research is carried out in several stages: first, there is a phase of the investigation and collection of information and then a phase of study and analysis of the data, all with the aim of defining the characteristics of the Market for its future business.

Why do we need market research?
The Research and Data Collection Phase: In the rest of the article we will give you a few ways to find information about your next market. You can contact some institutional or non-institutional organizations or do your own questionnaire and ask your entourage (as full as possible) to answer them. You can also contact some marketing schools that can mobilize their students and support you in your approach.

The Information Analysis Phase: these analyses can be made by socio-economic data, studies of competition or consumption patterns. The analysis must be quantitative, that is, in a sufficiently large sample to be representative and qualitative for such data to be reliable and usable.

In the end, a roadmap is obtained for his project, which makes it possible to better define uncertainties and reduce risks but also to arrive at an estimate of estimated turnover. In the end, market research allows us to identify the strategic marketing choices for a product or a service by answering the questions:

  • Is my product/service offer interesting/attractive?
  • Is there a demand for my offer?
  • What is going to be my target audience (people, companies)?
  • How to reach this audience?
  • What are the marketing and commercial actions to be implemented?
  • What are my competitors (direct or indirect)?
  • Is my offer (pricing) well positioned in the market?

OR FIND INFORMATION AND DATA FOR MARKET RESEARCH?

There are many sources of information for conducting market research. Here are some of the most classic:
The consular chambers: Chamber of Commerce and Industry, Chamber of Crafts and Crafts, Chamber of Agriculture,

  • The employers' unions MEDEF, CGPME, UPA and branch organizations, 
  • The PACE,
  • Associations of accountants,
  • The specialized sites,
  • Societe.com for information on business figures and information on competing companies,
  • And demographic data: INSEE, Eurostat, Ifop.

HOW DO YOU CONDUCT A QUESTIONNAIRE FOR YOUR OWN MARKET RESEARCH?

There are many ways to do an investigation. There is, of course, the good old method of the street investigation in calling the passers-by. There is the good old excel file that we send and spin around, and then there are the tools online. There are many, we'll just tell you about a free and easy to use: Google Docs. Just create a Google account if you do not already have one and then go to Google Docs and click "Create" then "Form." 

And now, you only have to give a name to your Inquiry and then define the questions and the answers. For a better efficiency and quality of the replies, We advise you to take the greatest care in writing your questionnaire and keep it short enough. Find some tips on developing a survey for market research in this business development blog. 

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