How to conduct a market research?

Why conducting market research?

Market research will enable you to see if there’s enough demand for the products/services you want to offer, and to better understand the environment you’re about to enter. To carry out this study, you’ll need to know who your customers are, analyse the competition and the place where you’re going to set up your shop.

Who are your customers?

A project is more likely to succeed if it’s built with future customers in mind! Knowing your customers allows you to better identify their needs and expectations, and then adapt to them. This knowledge involves studying a number of points.

Creating a typical customer profile:

• How old are they?
• Do you target women or men?
• Where do they live?
• What’s their budget?

Analysis of their behavior:

• When do they buy?
• How much do they spend?
• How often do they buy?

Understanding their expectations :

• What are their needs?
• What do they look for first in my products/services? Low price? Product quality? Product origin?

The best way to find out this information is to conduct a survey using a questionnaire. A microlux volunteer can help you set it up and analyze the results.