Published on : 03 June 20203 min reading time
When you have an idea for a business idea to start your company, you should do a market research beforehand. You need to make sure that the market you want to enter meets your expectations. You can either do the market research yourself or get help from a specialist.
DETERMINE THE FRAMEWORK OF THE STUDY AND IDENTIFY THE SOURCES OF INFORMATION
You need to set goals and certain limits before doing market research. First, determine your budget, a deadline and also the information to be collected. A market study is a real investment, it requires a lot of time and a certain budget. It does not serve to slow down your project, on the contrary, to work as quickly as possible with your future customers from the design phase.
You must also identify the sources of information. For example, take a sample of potential clients. You can turn to the major media, the press, magazines, institutional sites, etc. Alternatively, you can use the demographics of certain polling companies, or observe consumer behaviour directly in the field. You just need to make sure that the data collected is relevant.
COLLECT THE INFORMATION AND ANALYSE IT
You can collect the information in the form of a document, a questionnaire, or an interview. Face-to-face interviews are the most effective because you can reframe the exchange and collect a lot of data. They also make it easier to identify your first customers and to enter into a commercial relationship. This is one of the reasons why it is necessary to carry out market research.
Once you have collected enough information, you must now analyze it. In order to have effective market research, aim for quality. Sort, cross-reference and analyze the data. Get rid of inaccurate or irrelevant information. Afterwards, you can present your analyses in tabular and graphical form, as you see fit.
SYNTHESIZE THE INFORMATION AND MAKE AN ESTIMATE OF FUTURE TURNOVER
Write a summary document including the presentation of results, profitability and market risks, constraints related to the sector, conditions for success, strategic, commercial and marketing choices. Then, you must highlight your key figures in order to have more impact on your market research. One of the objectives of market research is to be able to make an estimate of the projected turnover that you could achieve.
SETTING UP A COMPANY: WHAT ARE THE COSTS TO BE EXPECTED?