Importance of Marketing Research for Starting a Business

The Importance of Research

Marketing Before

Starting a Business

For those who are planning to start a business or are already running a business, the most important step in a business or business is to do RESEARCH. Marketing research in business is very important.

Why is research important? Because it aims to find out the interest in purchasing goods or products at the place of business that you will run.

This research is not solely to avoid losses, but to strengthen our business position with existing competitors first.

Let's see, here are the reasons why marketing research in this business is important before starting a business.

Identify Market opportunity

Whatever the business, the first thing you should consider when starting is the market potential.

By doing research, we will find out whether a product can be accepted by the public or not.

It is possible that certain community groups in one area need these products, but in other areas they do not.

Another consideration in reading market opportunities is to find out the extent of people's purchasing power for our products.

For example, if we want to open a cafe, we need to pay attention to what kind of market opportunities are located around campus or office buildings.

From there, we can find out what the right product is and what price range people can afford.

Minimizing Risk Failure

Another important function of market research is minimizing the risk of failure.

By doing research, we should be able to know the SwOT analysis of a business.

The analysis includes Strengths (strengths), Weaknesses (weaknesses),Opportunities (Opportunities), Threats (obstacles).

If you already know this, then the decision making and strategy will be better.

Making Plans for Front

A successful business is not only when the profit is very large, but when a business is tested from time to time.

If you don't do market research properly, a business will be shaken when there are competitors who suddenly appear with innovations.

Understanding every possibility of it will make your efforts much more sustainable.

Building Potential Market

The development of the business to be carried out can be concluded from the market research carried out.

Broadly speaking, market potential is very important to build new steps in running a business. Because it will be a distinct advantage for some groups.

Knowing Competitors' Weaknesses

With so many existing businesses, it is unlikely that your new business will have no competition with similar businesses.

By doing marketing research you can see the shortcomings of competitors in the eyes of consumers. So it's easier to create new ideas that don't exist yet.

Become a Business Trend

Market research is also very influential for your business. The research we do will bring up many new ideas, including making our business a trend setter for other business people.

If our business or business has become a trend setter, we can be sure that sales will increase and grow rapidly.

Earning Profits with Fast

One of the functions of research is to help return capital quickly. It could be that we open capital by using the benefits of deposits.

The research conducted will lead to a conclusion that profits can be made quickly so that we can also spin the idea of ​​starting the same business in different places. -Keep Effort

----Do not forget to pray----


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