You have an incredible idea for your business and or product launch, but are others going to think like you do? You have the enthusiasm, drive, and passion for your idea, but have you done your research?
One of the first and most important things you can do in starting a
business or introducing a new product, is research. Many businesses
don’t always take the time to do the research prior to a product or
business launch but the effort it takes can save you a ton of money and
Research should be done not only at the beginning of the cycle but on a continual basis to keep in touch with the market trends, your competition and your client’s
changing needs. Good research will ultimately mean an increase in sales, a
savings to your bottom line, and the competitive edge you need to be successful.
The type of research you need to take will all depend on whether you are
starting a new business or introducing a new product.
Regardless, you have to know who your present and potential clients are and their problems that you are trying to solve. You
can conduct research, online through web
searches, periodicals, trade associations, and focus groups to under
stand your market and clients.
Knowing your present and potential clients and their wants and needs,
is extremely important. The information you must gather is basic demo
graphic information such as income, age, sex, occupation, household
size, location and even hobbies. As well as their likes, dislikes
and what might be missing about the product or business idea.
Remember, although the process may seem arduous, and you need to make some tweaks to the original plan, the information you receive will
ultimately save you money and time before expanding the product to your full
Besides the research, you have to believe in your product and have the
passion to put the work in. If you have completed the research and you
have made the necessary changes to your business idea or project,
move forward with confidence. Remember passion, drive, research and
motivation will make your business a success.