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Wednesday, December 17, 2014


YES!!!!! you have a great idea for a product/service—something that’s bound to capture the hearts and minds of every consumer. You can’t wait to go into it with full force since it is like the best for now. But wait, before doing this you have to figure out if there is a market for your product or service. You must try to do a MARKET RESEARCH.
Market research might be a waste of time and money for many Nigerians. But do not forget something, without it your product or service might fall. Why not try to think about market research for the benefits it will give to you like it being an investment to your future.
So what exactly is market research? It is simply a way of collecting information you can use to solve or avoid marketing problems. Good market research gives you the data you need to develop a marketing plan that really works for you. It enables you to identify the specific segments within a market that you want to target and to create an identity for your product or service that separates it from your competitors. Market research can also help you choose the best geographic location in which to launch your new business.
Before you start your market research, it’s a good idea to meet with a consultant, talk to a business or marketing professor at a local college or university, or contact your local SBA district office. These sources can offer guidance and help you with the first step in market research: deciding exactly what information you need to gather.
Market research should provide you with information about three critical areas:
1.  Industry information.
In researching the industry, look for the latest trends. Compare the statistics and growth in the industry. Think of what areas of the industry appear to be expanding, and what areas are declining, whether the industry catering to new types of customers, what technological developments are affecting the industry, how you can use them to your advantage. It is good to have a thriving stable industry.

2. Consumer close-up.

On the consumer side, your market research should begin with a market survey. A thorough market survey will help you make a reasonable sales forecast for your new business. To do a market survey, you first need to determine the market limits or physical boundaries of the area to which your business sells. Next, study the spending characteristics of the population within this location.
Estimate the location’s purchasing power, based on its per-capita income, its median income level, the unemployment rate, population and other demographic factors. Determine the current sales volume in the area for the type of product or service you will sell.
Finally, estimate how much of the total sales volume you can reasonably obtain. This last step is extremely important.

3. Competition close-up.

Based on a combination of industry research and consumer research, a clearer picture of your competition will emerge. Don't underestimate the number of competitors out there. Keep an eye out for potential future competitors as well as current ones.
Examine the number of competitors on a local and, if relevant, national scale. Study their strategies and operations. Your analysis should supply a clear picture of potential threats, opportunities, and the weaknesses and strengths of the competition facing your new business.
When looking at the competition, try to see what trends have been established in the industry and whether there’s an opportunity or advantage for your business. Use the library, the Internet and other secondary research sources to research competitors. Read as many articles as you can on the companies you'll be competing with. If you're researching publicly owned companies, contact them and obtain copies of their annual reports. These often show not only how successful a company is but also what products or services it plans to emphasize in the future. 

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