You don’t need a big budget or a stats degree to go do some market research. Asking a few key questions of a few target customers and doing some competitor analysis can give you the smarts to build a winning business.
Market research is a valuable tool for starting a new business. It can help you to understand your potential customers, their needs, your competitors, and the viability of your product or service. There are many sources and methods of market research, but the basic steps are:
Define the problem or opportunity
Develop your research plan (example below)
Conduct your research
Analyse your results
Create an actionable report
Implement your findings
I you need help, reach out to us at www.createabusiness.com.au
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