Looking to start a new business in the New Year then you will need to have an idea of the market you wish to operate in.Checkout the following Market Research Checklist for step by step guide.
Maybe you are looking to start an online business, open a restaurant or a coffee shop, then conducting market research will be a key task. It would be foolish to start a new a business without having a detail analysis of the market you wish to compete in. The following checklist provides an overview of what areas to cover in your market research and to use the information.
Market Research Checklist
1. Analyze your information
Conduct thorough market research and ensure you analyze this information to make better decisions in relation to the products you will sell.
2. Structure of research
Decide what information you need to know and set up your research to achieve these results. Consider what type of research you need whether this needs to be simple data or more in-depth.
3. Timeframes and Brief
Consider how quickly you need the information and how accurate it must be. Set up a timeframe to collect and review the data. Have a clear research brief including research objectives that clearly outline what information you are looking to obtain.
4. Who will carry out your market research?
There is a lot of data already online. Local statistics can also be obtained with regards to demographics and consumer behaviour. Decide if you are planning to carry out your market research yourself or if you intend to outsource to an agency or freelancer.
5. Research all accessible information
There is a huge amount of valuable research data readily available online. This includes surveys, data reports and annual financial records. Other information includes customer feedback surveys, questionnaires and publications.
6. Ask your customers
The most important part of your market research is asking your current or potential customers why they would use you.
Make sure your research includes a detailed analysis of your competition, looking at what they are doing well and compare how your products will stand out from your competitors.
8.Conduct surveys and questionnaires
Surveys and questionnaires can be a great way to research your market and find out what your customers want from a product, which they currently use and what would make them use you.
Use your market research to plan your strategy for production and selling your product in the marketplace.