PATCHOGUE, N.Y., June 12, 2019 /PRNewswire/ -- When a start-up develops a new business idea, it is important to conduct the research necessary to determine the success of the concept. New York social media agency, fishbat, explains why conducting market research for start-ups is essential.
Market research can be conducted in two main forms; primary and secondary market research. Primary market research can be conducted organically by a start-up business to collect unique data, typically from consumers, to improve all aspects of the business. Interviews, surveys, questionnaires, focus groups, and visits to competitors' locations can be considered primary market research methods. Secondary market research, on the other hand, is based on information that has been previously researched and reported on from a variety of trustworthy sources. Reports and studies by government agencies or trade associations are considered secondary market research.
Listed below are 4 reasons start-ups should conduct market research.
Understand and define your target audience. Before a start-up kicks off, research if there is a need or want for their product or service. Market research can be used to determine if there is a potential audience, where they are hiding, and the best ways to sell to them. Both primary and secondary research results can be used to create a consumer profile that will outline their interests, purchase behavior, and identify the marketing strategies needed to reach them.
Determine what the competition is doing. As a start-up business, it is important to be aware of companies that offer similar products or services, and may be considered competitors. Through market research, it will be possible to learn the business behavior of competitors and the best way to adjust future marketing initiatives to better resonate with consumers in the shared market space.
Discover industry trends. In today's world, trends move quickly. Start-ups must stay up to date on the latest industry news when developing a business plan. Market research will provide business owners with the most recent trends that potential consumers are following, allowing marketers to adapt their product or service accordingly in order to gain a competitive advantage.
Increase the chances of receiving funding. As new businesses, start-ups may face difficulties in securing funding. Through primary research, a start-up can determine if a product or service will meet the needs of the target audience, and adjust the business plan to represent the likelihood for success, accordingly. Once a business plan has been updated to reflect the potential success gathered from market research and presented in a way that identifies the business as a low risk, lenders may be more willing to invest in a start-up.
fishbat social media marketing agency, is a full-service digital marketing firm that takes a holistic business approach to their clients' digital marketing programs. The fishbat team understands the importance of business principles just as well as the nuances of the latest digital technologies. fishbat offers every digital marketing service available from digital marketing research and planning to brand development to website and asset creation through social media management and search engine optimization programs - all custom calibrated for both B2B and B2C businesses.
Media Contact: Scott Darrohn, fishbat Media, 855-347-4228, [email protected]