An expansive and in-depth research into your business idea lays the foundation for your business plan. This research should answer questions such as, ‘Is there a demand for this product?’ ‘Is there competition?’ ‘What are the consumers still lacking?’ etc. These questions will determine your target market, competitors and even help forecast the future of the company. Here are some great tips to help you gather research the right way and get your start-up out of planning and into execution.
Research your competition
No matter how niche or original your idea might be, there will always be direct or indirect competitors to your business. While many might be wary of these competitors, in the research stage, having competitors is actually a good thing. If you wish to provide coworking offices in Mumbai, then traditional realtors and agents who provide office spaces are also your competition. Conduct a deep research into the products and services offered by your competition. Use their products yourself, check online feedback and reviews and even be willing to speak to customers about their opinion on the service. The objective is to recognise what your competition does well, if you can do it better, what the customer wants and would they be willing to buy from a different seller if those needs are met? Research will help focus on what the customer wants and even aid the formation of a core marketing strategy around it.
Figure out who your target audience is
In the internet age, universally cheap two-way communication is a resource readily available to everyone. This means that you can get valuable feedback from your customers at any time. However, there will also be many who will not pay attention to your products and others who dislike your products and will be vocal about the same. To avoid wasting funds and identify your target market, start thinking like your customers would. Follow the social media outlets they would follow, visit the physical places they would gather in and start providing samples to find out who would be interested in your service. Having a clear persona of your target customer is an essential step that will return large dividends in the long run.
Market testing your idea
Who could have predicted the constant rise in popularity of coworking spaces? Today, the market is not just overrun by coworking spaces and virtual offices, there are also predictions that freelancers will make up the majority of the workforce by 2027. Market testing your idea before launch gives you valuable insight into how your product will perform on launch day. If you are selling a physical product, then create prototypes that people could use. Look forward to receiving feedback on its design and functionality. If you’re creating an app or online service, have a streamlined version available for people to conduct beta tests and provide feedback on the ease of use, user interface and overall experience. These unbiased opinions will allow you to further refine your creation and make it a product that could be unveiled to the public at large.
The success or failure of a product depends on whether or not people use it. These research tips will lead you to your goal of finding and creating your own niche. Within your niche you will find users for your service and your direct competitors. Simply focus on your own USP and doing it better than the competition to create a product that is unforgettable and sure to be used by multiple people.
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