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Market Research

dkuperbergdkuperberg Posts: 3subscriber
edited January 9 in Business Planning
I want to make a Market Research for my business idea.
Is it a must to show to investors? During your venture, did you conduct any market research?
What price did you pay for the market research?

Thank you,
Daniel

Comments

  • SteveStraitSteveStrait Posts: 13subscriber Bronze Level Member
    Is it a must to show to investors? No, not really.
    But does it help? Yes it does. A LOT.

    Investors wouldn't just hand a business money without knowing the potential.

    Depending on the business and who you are targeting, "market research"
    could range from scouting the foot traffic that passes by a storefront to the number of
    people over 40 years old in a whole country.

    When I started, I was lucky enough to still be part of corporate and
    our company have full subscription to the Nielsen database.

    At this point, I would look into the databases that your local library have access to.
    If not that, look into your local university - I've hired students in the past for research (a.k.a their login credentials :P ).
    Universities are usually subscribed to a lot of paid databases.
    Want to find a profitable niche market for your product biz? Download my free report to learn how.
  • dkuperbergdkuperberg Posts: 3subscriber
  • lovisasmithlovisasmith Posts: 2subscriber Member
    What trends we should follow for cement Industries?
  • ankit007ankit007 Posts: 254subscriber Silver Level Member
    Market research is any composed push to assemble data about target markets or clients. It is an imperative part of business strategy.The term is generally exchanged with promoting research; notwithstanding, master specialists may wish to draw a refinement, in that advertising examination is concerned particularly about showcasing forms, while statistical surveying is concerned particularly with business sectors.
  • ankit007ankit007 Posts: 254subscriber Silver Level Member
    Market research, which incorporates social and assessment research, is the orderly get-together and elucidation of data about people or associations utilizing measurable and systematic strategies and procedures of the connected sociologies to pick up knowledge or bolster basic leadership.
  • Marketest2017Marketest2017 LondonPosts: 5subscriber Member
    (Disclaimer: I work for a market research company called Marketest)

    With markets throughout the world turning highly competitive, market research has never been more important for all organisations.

    Market research helps to determine the feasibility of a project and it is helpful to estimate:

    - Your product range, the communication strategy, pricing policy, etc.
    - The right approach to use with potential investors, financial partners or people who will get involved into your business
    - The potential turnover of your business
    - Whether to launch your business idea

    One of the best ways to understand if your business will succeed or not is to spend some time conducting accurate market research. Market research helps to determine:

    • Whether you are providing something that is wanted / needed
    • How much your customers would be prepared to pay
    • Where and how potential customers would prefer to buy
    • Who is most likely to buy from you – Women, Men ? Younger or Older people?

    Undertaking market research online is a cost-effective way to carry out bespoke research within your chosen target group. Moreover, it is more efficient and richer than traditional quantitative market research.

    If you have further questions, feel free to get in touch! Hope to be helpful :)
  • CurtisMLeeCurtisMLee Posts: 34subscriber Bronze Level Member

    Common Marketing Mistakes

    1. Using only secondary research. Relying on the published work of others doesn't give you the full picture. It can be a great place to start, of course, but the information you get from secondary research can be outdated. You can miss out on other factors relevant to your business.
    2. Using only web resources. When you use common search engines to gather information, you get only data that are available to everyone and it may not be fully accurate. To perform deeper searches while staying within your budget, use the resources at your local library, college campus or small-business center.
    3. Surveying only the people you know. Small-business owners sometimes interview only family members and close colleagues when conducting research, but friends and family are often not the best survey subjects. To get the most useful and accurate information, you need to talk to real customers about their needs, wants and expectations.
  • Tom AdamsTom Adams Posts: 47subscriber Bronze Level Member
    Of course you'll better to make market research, that is a way to understand if somebody need your product or not
  • Matt ShieldsMatt Shields Posts: 29subscriber Bronze Level Member
    Coming from an angel investor's point of view, there is always a high degree of risk. It's not as much as how an idea is presented with all the bells and whistles of a usual pitch deck, but more on a good reason to invest = the potential for a solid return. How likely will there be a demand for the product/solution that you are creating? 

    The thrill of creating something new, of helping build dreams, has always been exciting for many investors.  For the same reason, everyone of them expects to see this 'excitement' you have through a powerful elevator pitch, a solid business plan, and an exit strategy - especially when 70% of startups fail upon launch.

    Others here have already given their sound advice... so I don't have anything more to add. Wishing you all the best in your endeavors!
  • SPCSPC Greater New York AreaPosts: 7subscriber Member
    The best research you can do is to talk to your customers. Find out what burning need they have. What problem do they need a solution to - then serve that.

    One of my favorite quotes is "Who's got my money?" - figure this out, then go find a way to provide a solution to them that they will pay money for.
  • salenadamsalenadam CanadaPosts: 30subscriber Bronze Level Member
    The way toward social event, breaking down and translating data about a market, about an item or administration to be offered available to be purchased in that market, and about the past, present and potential clients for the item or administration; look into the attributes, ways of managing money, area and requirements of your business' objective market, the industry in general, and the specific contenders you confront .
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