If you’re preparing a business plan, you’ll need to conduct some market research. Exactly what this involves will depend on your business, but five things you may need to consider include:
Read on for a closer look at what these involve below.
One factor is how you’re going to conduct your research. There are many methods available, including surveys and focus groups. But the big divide is between primary and secondary research:
Generally, primary research is most important for learning about customers, while secondary research is a good way to find out about competing companies and market conditions.
The most important thing to research for a business plan is your target audience. Key questions you may need to answer include:
If you can answer these, you can focus your business plan accordingly.
The other major component of market research is the market itself. This includes competitors, who may be targeting the same customers. But it should also include wider market conditions.
On the first point, focus on companies that:
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The wider market conditions, meanwhile, are important for planning. For example, you need to be aware of market trends and economic forecasts that could affect your business over the coming months.
The ultimate goal of market research is to give customers a reason to do business with your company. To work out your unique selling point:
The key is to fulfil a need your customers can’t get elsewhere. This may be by offering a new product or service that nobody else has offered before. But it could simply be that you’re offering a new twist on an existing business model, such as providing a more personalised service.
How you present your findings will depend on the situation. For instance, if you’re pitching your idea to funders, you may need a polished presentation. But if you’re simply conducting internal research, you may just need to present the key details clearly and concisely for your colleagues.
In any case, documenting your market research will often involve:
And don’t forget to have any documentation you create proofread! This will ensure your research is error free, maximising your chances of success.
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