Market Research Makes Your Business Plan Work

Many business plans are very strong on the production side, but without market research, the plan is based on untested and potentially unrealistic assumptions. History has proven that having the best product or service does not guarantee success. Having a well-researched and implemented market strategy, however, WILL tip the scales in your favor. What is Market Research Really? Market Research is a core component of business planning. Once you have defined what you would like to do, you need to determine if there is a market for it, who that market is, and how to reach them. Few products or services appeal to everybody. Each product or service on the market has unique features that appeal to a need or want in certain people (motivating factors). Your Market Research goal is to identify what type of customers would be most likely to respond to the features in your brand, product or service (market segmentation); what needs or wants your features fulfill for each market segment, what “benefits” resonate (motivating factors); and what is the most effective way to engage with each market segment (market strategy) so they absorb your messaging, are aware the product exists and are motivated to buy it, and you have made the product available in locations/types of settings and product formats that facilitate their ability to buy it. Successful businesses do not try to appeal to everybody. It is expensive, inefficient, and ineffective. They prioritize their marketing

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