8 Things Every Entrepreneur Should Know About Market Research

Define Your Objectives

Your market research scope is shaped by your goals – understand what you need to learn about your market

Primary Market Research

Conduct direct research to gain insights about your specific target audience, improving products and services

Secondary Market Research

Utilize existing sources like surveys, case studies, and government data for broader market understanding​

Identify Customer Types

Recognize different customer types – savvy purchasers, industry influencers, and end-users for targeted research

Understand the Savvy Purchaser

They focus on value and are aware of competitors' pricing, requiring secondary market research for competitive pricing strategies

Industry Expert/Influencer

Highly knowledgeable and influential in your target market, their opinions can sway potential customers

Focus on the End-User

These are daily users of your products or services, ideal candidates for primary market research to understand their needs

Leverage Existing Research

Investigate if similar research has been done and utilize relevant data to understand and adapt to your target customers