Research Your Market

Research You MarketLarger companies do not launch new products and services withoutr esearching the market first and neither should you. The problem with owning a small business is that many people dream about the idea for years before implementing it. The market changes frequently and the only way to succeed is by changing with it. Take for example companies that once sold typewriters. Once more people began using computers, those companies could either make the switch or continue selling outdated technology. Those that changed with the times are the ones that still exist.

Hiring a business mentoring company is one way to research your market. The companies consist of employees with a history of working in the small business world, including individuals that owned their own company in the past. Often times, the company hosts research groups made of people living in your community. The mentor asks questions of those in the group and determines what locals want and need in different companies. You might be surprised to learn that your idea for starting a gardening company will not work because the market is saturated with dozens of companies that offer the same services at lower prices.

The old adage says that the customer is always right and that is especially true for the business owner. You must listen to your potential customers and offer them exactly what they say they want. When Blockbuster found itself facing competition from Netflix and other companies, it gave customers a survey. Customers wanted cheaper rentals and Blockbuster answered by lowering rental prices. By giving customers the lower prices that they wanted most, Blockbuster managed to succeed, while its competitors like Hollywood Video and Movie Gallery went out of business. Customers are the ones that determine the failure or success of your business.

Whether you opt for traditional marketing or web marketing, you must still do the research. Sometimes research shows you what did not work in the past and lets you avoid making the same mistakes that other companies made in the past. History is full of companies that found themselves going bankrupt because they did not learn from the past. Getting professional help ensures that you make the right decisions and discover what you must do in the future. The process is important before you start, but also important after a few years of business. As your customers change, you must change and keep up with them.

Bill Norton