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Importance of research in today’s contemporary business world

Author: ResearchFox

The development of modern start-up companies is associated with entrepreneurial values, leadership skills and growth mind-set. Emerging companies are transforming the entire markets and industries with their innovative products and services. The development and evolution of rapidly growing start-ups are considering and acting on the fundamental requirements that make them to stand out in the market and provide innovation to customers.

Most of the companies design the product first and then worry about the fitment into the market this is one of the most dangerous mistakes, start-ups usually do. Do not expect a miracle to happen that customers will somehow stand at your door and wait for it once the product is created. Get ready to introduce and test your product in the market while you are in initial phases of product developing cycle by following the below mentioned steps:

  • Determine Market Potential and the Competition through thorough research

In order to determine the market potential and the competitors of your idea, you need to conduct market research (Research the Market on Google, Use Social Media, Conduct primary surveys, organising CLT,  perform focus group study (FGD), Create and sell a Minimum Viable Product and Analyse the result) and here are the most important questions to be answered.

  • Who is my ideal Target audience?
  • How many of my ideal target audience exist in my target area?
  • What will motivate my target audience to purchase my product or service?
  • What price will my target audience ready to pay?
  • How can I reach to my target audience?
  • How many competitors are present in my target area?
  • How are my competitors encouraging their target audience to retain within themselves?
  • At what price points my competitors are offering their products and services to their audience?
  • What is my product life cycle curve?
  • Getting a high-level view of the market through research

However, evaluating your target audience and competitors is not enough. You will also need to develop a wider awareness of the industry as a whole and assess the potential for growth. When analysing a market, these high level questions come into play:

  • What big is my industry?
  • What could be my market size?
  • How quickly is the market expanding?
  • What are the barriers to entry?
  • What is the industry value chain?
  • What is the intensity of the competition?
  • Is there a threat of new entrants of substitute products or any services?
  • Develop a Market entry plan through research

Entering a new market is all about details, looking ahead and taking appropriate action that will drive you towards success. This indeed requires a fool proof strategy in place that will keep your company away from landing in a vulnerable position. Make sure that the strategy is ready to address every concern- from financial, to market predictions and action able ways that helps to combat and move forward with your plans.

  • How to enter the market? Is it through partnership/direct selling?
  • How clustered is the competition?
  • Customers perception about existing products in market?
  • Do my product features, address the gaps of existing players?
  • What is my USP?
  • Understanding the strategy of competitor growth and their evolution?
  • Conduct research study in a small part of the market to see how well product fits
  • By running a pilot launch within small section of your target market with carefully defined variables, you can understand the pulse of customers towards your product and highlight the gaps in system. With this small sample test, you can better define the important milestones that you should be aiming towards and address the gaps for improvement before entering the market.

Reach us at explore@researchfox.com or +91-9986432408, We are helping several start-ups and biggies for any kind B2B and B2C products/ Solution on -new product testing (un biased), launching , UX research, doing course correction, concept testing, feasibility, customer acceptance before they burn million on it.

 

#Product Testing Research #UIresearch #productfitment #marketresearch #b2bresearch #startups #b2cresearch #GTM

pic credit:GettyImage

 

 

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