How should I lead a market research?
WHY IS A MARKET STUDY USEFUL?
The market study will allow you to determine if there is enough demand for the product or service you want to sell. It will help you to better understand your environment. To successfully lead a market study, you will need to know your futur customer, to analyze the competition as well as the location of your business.
Who are your clients?
A project will more likely be successful if you include your future clients as early as possible! Knowing your clients will allow you to identify their needs and expectations in order to adapt your offer to them. This market knowledge is the result of a detailed research.
Create a standard profile:
- What is the average age of your clients?
- Are they mainly men or women?
- Where do they live?
- What is their budget?
Analyze their behavior :
- When do they have time to come to your business?
- How much do they spend on average?
- How often will they come to your business?
Know their expectations :
- What are their needs?
- What are they looking for? A low price? A quality product? The origin of the product?
In order to gather these information, the best solution is to conduct a sruvey. A microlux volunteer can help you find and analyze the results.
What location for my business?
The location of your business is an important element to take into account. In the fields of commerce and restaurants, it is even considered a key factor of success. Before choosing, you should ask yourself:
- Is the neighborhood dynamic? Are there more people arriving or leaving? Are the shops closing?
- Are there any constructions planed in my street? Will it be problematic for my shop?
- What are the characteristics of my future shop? The size? The visibility? What about the business that was there before?
Who are my competitors?
To analyze your competition, you should inquire about the following points:
- How many competitors do I have?
- Who are they?
- Where are they located?
- What are the characteristics of their projects in terms of price, product, suppliers?
To answer these questions, two solutions are available: the first one, searching on the internet; the second one, play with the mystery client. This analysis being done, you can now position yourself and differentiate your product or service.
After having done your market study, it is time to decide which legal status is best suited to your company. To discover the different existing status, click here.
The financial plan is also a fundamental element in the development of your project. It will allow you to know if your company will be sustainable. See all the necessary information by clicking here.