One of the most important steps you can take before you start your business is doing market research. Skip this step, and you risk offering a product or service that is incorrectly priced, marketed to the wrong audience, or worse—that nobody really wants.
While vital, conducting market research can feel like a huge undertaking. So, here are our favorite resources to help make the process easier—and less intimidating!
Market research resources
Want to learn more about market research and find out how to conduct market research for your business? Start with these core articles.
If you’re new to the topic of market research, read this article first. It will walk you through the basics, covering what exactly market research is (it’s okay if you’re still a little unclear on that!), the different types of market research, and useful resources you can use to start the research process.
You’ll want to refer back to this guide often as you work through the process of learning about market research, so bookmark this one to keep it handy.
Now that you’ve learned a little bit about what market research is and where you can find the necessary information, our how-to guide will help you implement what you’ve learned.
This article walks you through the steps of actually completing market research, so that you’ll be ready to start the process for your own business.
Market research can be broadly broken up into two categories—research you do directly yourself (also known as primary market research), and research you can find that is already published (secondary market research).
Secondary market research generally focuses on a broader look at your industry. In this article, we’ve explained the importance of conducting an industry analysis as part of your market research and business planning process, and the various areas your analysis should touch on.
There’s nothing worse than trying to complete a new endeavor, only to find yourself confronted with endless jargon that you can’t understand.
If you’ve been confused by references to your TAM, SAM, and SOM, this quick, explanatory guide will go over what these mean in the context of your market research.
If you’re ready to get started, check out our industry reports here on Bplans.
You’ll find free basic industry information here, and if you are interested you can pay for a full, detailed report. Even if you opt for the free version, it’s still a good place to start gathering information.
Target marketing resources
If you’re looking to delve a little deeper and find out more about your customer base, take a look at our resources on target marketing. Target marketing is a little more advanced than basic market research, as you’re shifting your focus onto marketing activities.
However, to determine your strategy, you need to paint a clear picture of your target market, which involves—you guessed it—market research!
If you’re new to the concept of target marketing, read this article first. You’ll learn what target marketing entails, why it matters, how to identify your target market, and how to use target marketing to grow your business.
If you’re a visual person, you’ll love our target marketing infographic. Check this one out if you’re after a quick rundown on the basics of target marketing.
Here, we take a more detailed look at the process of determining what your target market is. Use the five tips listed here to hone in on your target market, and make your target marketing more focused and precise.
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