Researching your market

This module gives you some ideas of how to gather detailed and useful information about what your customers want, and this will become your market research.

Here, we will show you the sorts of questions to ask to get the most valuable answers, as well as how to analyse your results to see where there are gaps in your information, to guide you towards building an in-depth and useful information bank.

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Your business idea is now in place. But how do you know if it will be a success?

Will this product or service attract enough people? What are your customers’ expectations? And where does your business idea fit into the marketplace?

It is important to make sure that you ask yourself these questions at the very beginning. The answers can mean the difference between the success and failure of your business venture, and this section will help you to work out whether there is a market for the product or service that you are thinking of selling.

The simplest way to find out what people want? Ask them!

However, who you ask is just as important. Friends and family may be inclined to give answers just to please you, so make sure you ask a broad range of the types of people who fit your target audience, in order to get the best results.

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