Why Market Research is Crucial?

Do you have a wonderful business idea? Do you think your product would sold out in the X marketplace? Very exciting! What's the base of this thinking? Why do you think you will be successfull with your product in X market? People mostly believe in their product because of 6th sense. But unfortunately it doesn't make sense. You need a deep research about your product in the X market.


First you should investigate the market viability of your product. It is a realistic, data-driven prediction on whether it can succeed in this marketplace. One way or another, the market will judge your product. Wouldn't you rather hear the verdict before you sink your life savings into it?


Production and starting a new business are exciting but you should ensure that there's really a market for your product. Market research will conduct you to ensure it. If you look at marketing research companies, you will find yourself in the middle of a huge reports jungle. Before entering to a new market, you must know the market size, growth rate, demographics and industry leaders. You are supposed to download those data and pay few thousand dollars. But in a case of you may not afford to pay that much, what should you do? You may contact us and get summarized reports with more reasonable prices. You will just read the informations that are useful for you. For example, you should know the market trend, if it is growing or decreasing in the last 3 years. You should know the demographic policy of the target country. For example, if you are selling babies products and if you don't know X market government wants to decrease the population, there won't be much newborn. It means you won't be able to sell your amazing products for the babies.


A major part of market research is analyzing competitors. If you want to enter to the X market, you need to know what the successfull brands are, how much they cost, what are the most popular choises, etc. You should observe the financial stability of your competitors and how much risk there is in the industry. Search engines and social media have made collecting this type of information easier than ever.


A simple Google or Twitter search will often tell you who the major players in an industry are. With a GoogleAd account you can see how much competition there is for your keywords. And Google Trends is an easy way to find out what's hot and what's not. After your Google Trends search about your product keyword, you can tell what times of the year your product is on people's mind, what geographic regions they live in, even what related searches tend to overlap. This can all be useful when designing your product and advertising strategy. You can always purchase a service of Supexport to do those searches. It will cost you just a few amount of money but you will definitely gain time and you will save a lot of money in the long run, because you narrow down your audience and focus only on the features that they're interested in.


Your customers are humans with emotions, and the most successfull products or services are the ones that solve a pain. If you don't do a market research, you won't know the pain and you won't act to solve it. No matter how much you love your idea, if the research tells you the otherwise, well... That can be a good thing. It means that you just saved a lot of money and effort.


#marketresearch #competitoranalyse


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