Look, look again and get yourself a Market Survey
Why don’t we get a market survey? We’ll find out all we need to know about our clients!
Starting a project with a view to turning it into a business is always challenging, and you should do things properly in order to avoid unnecessary risks. You need to move along a track that is as safe and smooth as possible: rough patches just come by themselves, no need to go searching for them.
The more you analyze and study the product, the environment, the situation, the market, the competitors and all the other factors, the better the performance of your idea will be, and the more successful you will be as a consequence.
In order to start your business, one of the most relevant and fundamental aspects to consider is performing a proper Market Survey that provides you with a global while in-depth assessment of the environment, your product and your clients.
This is very relevant information in order to test your chances before you make a fundamental decision that will have a permanent effect on your project.
Get an answer to your doubts: Is your idea good enough? Will your product be sold? Will people like it? Will your business be sustainable? You may get answers to all these questions by doing a Market Survey. You may do the survey yourself or else hire somebody else to do it for you.
The latter would be the best option (if you may afford it) because the professional you hire will have the professional expertise that endorses the research, and you will also be getting rid of additional workload. Above all, you won’t be having an emotional, subjective influence on the conclusions.
A Market Survey: Where to Start
The main issue with outlining such a document lies in obtaining all the information available, which will later on be used to reach conclusions that lead us to making the right decisions.
The research period is as important as the rest, or perhaps even more so, as all the work that follows and the conclusions that are reached will depend on the data obtained in this period.
You need to find the best channels to perform in-depth research without leaving out any options. At present, social networks may provide you with a great deal of information by users, which some time ago would have been completely unavailable.
Surveys are another option you may use, which come in handy when trying to find out what your target audience is doing or thinking (take a look at this post on how to create a survey that is answered by everybody) and interviews.
Devote time to working on that, don’t put it on the side track because it may provide you with relevant information.
Finding out about your target audience
You must set a goal to try and know your ideal customer, almost in a personal manner: likes and dislikes, ideas, intentions, age, gender, demography...
Try to find out which market niche you should target and get to know about their habits. This will enable you to find out all the details and improvements you may apply to your product.
Chances of your product entering the market
The conditions your market finds itself in will determine whether you may be successful with your product. Obtain growth statistics that enable you to measure your chances of entering the market.
Who your competitors are and actions they are taking to differentiate
Finding out and knowing what others do is something you will always need to do (this is not a one-time thing). You should keep in mind that your goal is not to destroy your competitors but to improve in order to stand out.
Don’t think having competitors is a hindrance, or that your competitors are not working well: you may not know what their intentions are or what strategies they are developing, so monitor your competitors as well as you can and always keep an eye on what they are doing and on how they are doing it.
Knowing your clients and users will help you focus on your messages and on finding out who your target audience may be.
Analyses should include demographic data, gender, age, interests, likes and dislikes, intentions... anything you consider that may show buying preferences from a potential customer. Once you have extracted all the data in detail, the time will come to put the information in order and analyze the results obtained.
Here’s when you or the professional you hired to perform your Market Survey will state all the conclusions achieved after the collection of information. This will be the time to combine data, statistics, social profiles, company goals and market situation to conclude, in broad strokes, whether our project will have a future or else we need to rethink several aspects.
Such aspects could be related to the way the project functions, product features or any other aspects; perhaps even the current business option should be forgotten as such and a new and better possibility should be outlined. Being impartial is the proper attitude to take when facing this activity.
The key to perform any Market Survey lies in being open to receiving information and to finding it. Even more so, being impartial and properly assessing market conditions is fundamental. We might be trying to succeed on a project that would have no future the way it was devised. Nevertheless, if we tend to the real market needs and adapt some aspects of the project, this may be the success we have been waiting for.
Again, remember: observation and analysis are the two key pillars for your idea to be successful. Get on working and minimize any risks by foreseeing them.