80% of new businesses start every year and generally exit because of poor market research. The thumb rule – prior to a starting a new business, always do your market research. It’s like going for an examination without studying? Why would you want to increase your chances of failure without the right preparedness?

This same rule applies when you think of setting up a new business. Having to set up something new in the market is a great idea because you know you will stand out, but when stepping in a competitive market, you should be aware of the market well enough to know what is the response you will get for your product/services.

Centurion Consulting can conduct a thorough research for your industry, product or service. Some guidelines include:

Know your audience

Knowing your audience is one of the most crucial criteria of market research. You should know about the service/product that you are offering, whether that really will interest your audience. Knowing the need and mindset of the audience is a must because launching any kind of product/service. Finding your potential audience and which market do they belong to will be beneficial. How can you reach your product/services to your audience?  Studying your audience behavior is important.

Competitors

Not having competition is like running a 100-meter race alone with no one to win from.  Competition is the spice of the market that exists in all fields. Before starting up your new business make sure you study about who is your direct or indirect competition. Knowing the threats you might face by competition and preparing yourself with your product/service to outgrow that competition is one of the main reasons to conduct a market research study.

Selling Magic

If you sell Colgate in a way that it is already being sold, will you have any unique factor for people to buy it from you? Having the same product/service is absolutely fine. How to make it more attractive and how will you sell it better than the product/service that already exists in the market. You should have your USP (Unique Selling Point) that will make you grow bigger than your competition. 50% of new businesses fail to succeed because they find it difficult to cope up with the market. Polish your marketing skills and work towards optimum customer satisfaction.

Final Word

Studying the market needs before launching your product/services is the key to success. People generally in excitement tend to forget this key point that leads to  50% out of 80% business not succeeding.