Making the right decision is the key to a lucrative business. In a competitive business environment, it becomes important to fit in the marketplace.
While every new entrepreneur is quite assertive that they will become a unicorn startup in no time, it is no secret that startup businesses face uphill battles. Many of them fail in a shorter period. The first thing is to plan before you start your business.
As it is said, “If you fail to plan, you plan to fail.”
Planning helps you to make better business decisions that can help you avoid costly affairs. Decisions regarding customers, investments, strategies, marketing, and many more are essential to sustain your business.
To make the right decisions, you need to have insights into the market. These insights are, however, gathered through market research.
Market research is similar to GPS. With thorough business intelligence, you will be prepared to clear danger zones lying ahead and can chase high-potential opportunities for your business.
Is there any solution?
We can observe that these failure reasons are part and parcel of ignorance of market research. If market research is carried out before entering into a new business, there are very fewer chances to fail. Market research gathers all the information related to the business and incorporates it into reports for better analysis.
What are market research reports?
Well, before moving to market research reports, let's have a quick brief about what is market research.
Market research is a structured process of collecting, evaluating, and interpreting information about your target market. The data provides insights about customers, market trends, and situation of the market. Market research is a useful business tool that helps to make informed and quality decisions.
How market research reports will boost your new startup or business?
● Reports provide you with a holistic view of the market.
The market research reports provide you with an in-depth analysis of the market. These reports entail an overview of the industry, including market size, key statistics of market status, historical and current market situation. The reports will help you to develop sound strategies by understanding the latest development trends, geographical analysis along with analysis of key market players operating the market.
● Understand the types of customers
Customers – they are the foundation of any business success in the world. Many new businesses will confront different types of customers. Your business will be fruitful if your service is aligned with customers’ wants and needs. Market research helps you to develop a better understanding of your target audience so that you can plan accordingly. Understanding your customers’ buying behavior, pattern, what factors influence them to make a purchase are the most important factors before starting a new business. For example, there are some canny purchasers who study the prices offered by your competitors. Your business should be capable enough to price your product or service competitively.
● To prevent poor product launch
While you are planning to launch a product or service, market research helps to identify if your product will impact the market. It will help to identify the untapped niche within the market. For example, you are starting the cupcake business. But already there are four prime cake businesses in the city. It will be difficult to compete with already set up businesses. However, you found that nobody provides the service for customized cakes. It will be easy for your new business to consider this factor and introduce it. This move will quickly bring sales to your business. Market research reduces the risk factor by gauging risk and area of success for your business.
● To know your competition
Well, competitors’ analysis will not only identify threats posed by competitors but also help you to identify the gaps in the market left out by them. There are direct as well as indirect competitors. These reports determine competitors that may be harmful to your new business. Once you are aware of your competitors, you can strategically work towards positioning your brand. Without competitor analysis, you will find yourself lost, similar to a small fish in a big pond.
● To make informed and quality business decisions
The reports provide you with detailed facts and accurate trend analysis. These research findings help you to foresee the effectiveness of your business ideas, enabling you to make decisions with confidence. With an in-depth market overview and competitor analysis offered through market research reports, you can make a better, informed, and quality decision for your business.
In nutshell,
In the 2020 year, the increasing competition in the market of existing companies questions the survival of new businesses. A lot of startups fail in the beginning only. The reason is that they don’t have a proper understanding of the market or industry in which they have started their business. Market research is the way that guides you with eliminating risks of failure. Further, the insights have the potential to give you a survival kit in the market. Leverage it to the best of your abilities to know whys and wherefores of the business growth.
AUTHOR BIO:
Supriya Khedekar is a business writer for JSB Market Research who writes articles on the latest market trends, technology and business update across several industry verticals. You can read her business and technology-related articles on the official blog page.
Social media link: https://www.linkedin.com/in/supriya-khedekar-849194b6/