HERE'S HOW YOU FIND OUT ........... MARKET RESEARCH.
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.
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.