Do I need Market Research?

Market research can assist you to identify your target consumer, as well as to know more about what they think and what they prefer to buy. It is really about market intelligence and having a good knowledge of it helps us in our marketing strategy. It would otherwise be a blind affair, not knowing what is out there and risking a burn out.

Most entrepreneurs realized that they need to do a survey before they launch their business, but because of monetary constraints, choose not to take that path. It would be a big mistake because what you think will work will normally proved otherwise. There is normally no return when a mistake is made and you would have lost a lot of time and money.



Why should you conduct a market research?
Yes and it is for these simple reasons like
* Changes in the taste of consumers
* Changes from your competitors
* Changes in technologies
* Changes in economies
* Changes in prices

And in order to counter these impediments, you must do a market research
By conducting a market research, you will
* Not risk a business failure
* Get a better view of why people buy
* Be able to predict and make a good guese of where is your most profitable market

And if you embrace "Touch the Pulse" real time market research in your marketing, you will
* Achieve leadership role in your class
* Be easily found by your buyers
* Beat the competitions
* Survive to fight another day

Can I do it later when I have the money?
Most certainly not. If you make a mistake, you will not survive the burn out and might have to close shop. Market Research should always be a part of your business plan and a very important first step. As most markets are dynamic in nature, what may work for others may not work for you! Better still, make market research an everyday affair so that you know what to offer.


How does it help my business?
Every marketer needs to know where to go fishing. You have to learn what sells and what not. And how do you go about finding out? Well, that is what market research is all about. In today's internet age, things move fast. Conditions change on a daily basis and if you are thinking of subscribing to the old school of thoughts about conducting market research, you should know that it is already obsolete.

Today, you can tap the market intelligence at the click of a mouse and sometime at little cost. But we do not recomend you tapping on the social oppinion out there because it is most spurious and might not be of relevance. There are noises out there and not all of them are of relevance. We would however recomend tapping on those noises that have a preponderance to purchase. If you go out there and ask opinions, you will get a ton of it. Making sense of these noises can be intimidating.

What is the cost then?
There are costly market research and cheap market research. If you use the old school research method, then it will cost you a bomb. New ways of market research can be cheap and affordable like "Touch the Pulse" and online engagemnts. If at all, first find out if there is a need for your product because you can then tweak your offerings accordingly.

If you sell tangible items, then conducting a market research is of paramount importance becuase huge capital is expanded. If you are offering a service, and if you find that nobody wants it, you will not have to loose so much. Still, it would be preferable to go for affordable market research as it is less risky. "Touch the Pulse" marketing research will cost you less then ten thousand dollars! And you get continuose follow up as well.


Before anything, do a small scale research on your own.
You should first find out what sector needs your offerings. Then nail it down by asking opinions from those in your vicinity. Go out and search the supermarkets or trade groups. You now have your facebook, twitter and linkined friends to help you out. But if you are going to sell something that requires secrecy, then ask opinions from your relatives before going further on a market research.

And When everything is pre-sorted out, then go for the Realtime Market Research as it will give you a:-
* Good view of whether you have what people want.
* Good view of where is your market
* And how to go to the market with the least cost.
* And to know when market conditions change!