Note: Running Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the Entrepreneur’s Playbook™ page of the PKF Texas website.
Effective market research is becoming increasingly important as companies look to launch products and services during an economic lull. With the costs of developing and launching a product on the rise, you want to make sure you are producing something that your target market needs or wants to buy.
Market research allows you to determine the need for your service, a product’s likelihood to sell, target demographics and geographic locations for points of purchase.
Ask yourself these questions:
- Who, if anyone, has a need for the product or service?
- How large is the customer base?
- What is the price point that will meet the needs of my business and the customer?
There are several ways to uncover the information you need. These include:
- Online research
- Focus groups
One great resource in Houston is Saurage Research. Visit their website at SaurageResearch.com.
If you are resourceful, your market research shouldn’t be a budget buster. The failure to adequately research your target market can be costly. Does anyone remember “New Coke”?