Market Research

Market Research

The easiest way to succeed as a new business is to be thoroughly prepared. Therefore, a considerable amount of research needs to be gathered before you decide to open a business. Questions and areas that need to be researched include:

Target Market
  • What are the demographics of our market?
  • What is the size of our target market?
  • How does our target market make buying decisions?
  • How often does our target market buy our product/service and how much will they spend on it?
  • What do customers expect from this type of service or product?
  • How do we reach our target market?
Market Trends
  • Is our market growing, stable, volatile or trendy?
  • Is our market saturated or open to new players?
  • What is the size of our marketing in terms of customers and revenue?
Competitors
  • Who are our competitors? Are they successful?
  • Are there other businesses providing a similar or related product or service? Are they successful?
  • What is the market share of the competitors?
  • What are the business models of my competitors?
  • How do my competitors reach the market?
  • What is our competitive advantage?

Contact the SBDC in your area for additional assistance in compiling market research.
Share by: