Conduct Market Research
What is market research and why is it important?
Market research is the necessary process of gathering information about your proposed customers and the industry in which your business will operate in – the market.
We are all customers to someone’s business, and what we buy, what we don’t buy, when and how we communicate with businesses, all of that information tells businesses how and where to best operate if they want to be successful.
Market research tells you what customers need, what they don’t want, what competition exists, and trends in your industry that can help you make the right business decisions to be successful.
Starting a business is a significant undertaking, and you want to protect your investment by ensuring you are making the right decisions based on the reality of the market. This requires an understanding of the market you plan to open in.
Here are some questions to keep in mind as you learn about your market:
Is there a desire for your product or service?
How many people would be interested in your offering?
What is the income range and employment rate of your customers?
Where do your customers live and where can your business reach?
How many similar options are already available to consumers?
What do potential customers pay for these alternatives?
Here are some vital resources to start conducting your market research:
SBA Market Research and Competitive Analysis Guide – The Small Business Administration provides free, in-depth guidance and resources to start your market research.
Arizona Small Business Development Center (AZSBDC) – The AZSBDC Network works to help launch, grow and sustain small businesses in Arizona. They are Arizona’s largest most comprehensive and accessible statewide source of free assistance for small businesses in every stage of development. AZSBDC provides one-on-one counseling as well as workshops and training on variety of topics including Market Research.
Your Glendale Economic Development Team has additional market research analysis tools available for most industries such as Demographic Report and Property List. If you need help learning more about your market, reach out to Small Business Specialist David Cornelius at email@example.com
Remember, market research is an on-going process as trends and buying behavior of customers evolves. You should always be learning more about your market and your customers to remain successful.