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Research for Startups and New Businesses
Having a great business idea needs to be proven. Marketest often helps startups and new businesses develop an understanding of the market potential within a certain industry. Although many start-ups develop detailed business plans before they launch their business which is of course vital, much of the start up research done for the business plan is limited.
Who?Start-up Entrepreneurs! Once you have your entrepreneurial idea! Start-up companies are constantly developing exciting new products and services, bringing innovative ideas to market.
What?An idea! Carry out start-up market research on a product or service idea which you think has potential!
Where?Online, primary market research is often avoided by start-ups due to its time consuming and cost. Budgets are minimal for pre-startups and business start-ups, online research ensures that it is affordable and with Marketest be completed in just two weeks. Discover the benefits of Online Research.
When?At the start or just before! The start-up stage is the best time to implement change, whether it is to the product, business plan, marketing or target market.
Why?Market research for start-ups is essential. At this sensitive stage understanding the needs and wants of your target market can be the difference between success and failure.
So what type of research should start-ups conduct?
Simple research questions you must have the answer to can include:
Is there a market for this type of product or service?
Do my potential customers like the product / service design and look?
Do the potential consumers currently use similar products or services?
Where would my target market be likely to purchase my products?
What price range are customers willing to pay?
However, the importance of market research for start-ups is often underestimated. Although market research is vitally important to the success of a start-up business many entrepreneurs fail to realize the significant impact it can have.
Taking a small portion of your budget to conduct market research can ensure funds are not wasted in other areas further into the business development as the business will have a clearer direction and understanding of consumer and market needs.
Are you starting up or developing your own business?
Test the Market First!
Marketest are the first Start-up Research specialists in the UK offering research services affordable for new businesses, contact us today to know how we can help your start-up business.