Use market research to find customers

[Nouri Ghali]

Market research blends consumer behavior and economic trends to confirm and improve your business idea.

It’s crucial to understand your consumer base from the outset. Market research lets you reduce risks even while your business is still just a gleam in your eye.

Gather demographic information to better understand opportunities and limitations for gaining customers. This could include population data on age, wealth, family, interests, or anything else that’s relevant for your business.

Then answer these questions to get a good sense of your market.

Demand: Is there a desire for your product or service?
Market size: How many people would be interested in your offering?
Economic indicators: What is the income range and employment rate?
Location: Where do your customers live and where can your business reach?
Market saturation: How many similar options are already available to consumers?
Pricing: What do potential customers pay for these alternatives?
You’ll also want to keep up with the latest small business trends. It’s important to gain a sense of the specific market share that will impact your profits.

You can do market research using existing sources, or you can do the research yourself and go direct to consumers.
Asking consumers yourself can give you a nuanced understanding of your specific target audience. But, direct research can be time consuming and expensive. Use it to answer questions about your specific business or customers, like reactions to your logo, improvements you could make to buying experience, and where customers might go instead of your business.

[kaia_]

@Nouri-Ghali Let me know if there any sectors that grow monetary wise during this pandemic situation. I think covid will bankrupt more businesses than it will kill people

[Nouri Ghali]

@kaia_ We are looking about what to do after Covid-19

[chewie]

@Nouri-Ghali thats good. im in sales and people are tentative to buy right now. not really wanting to invest. But if you can involve covid in the sales process you have a chance. What i mean is exposing a problem the customer didnt know they had then offering a solution to that problem. Our work from home flexibility is a plus right now. Sales are still tuff and are grinded out. But this is a great opportunity for business. There are enough resources for us all to prosper together.

[chewie]

@kaia_ opportunities arise during even pandemics but timing is everything. There will be breakthroughs if we can break from traditional thinking. let me know if you do. LOL

[kaia_]

@chewie Now, with crashing demand and no reliable forecasting ability, tell me, timing is something we will not know until after the fact. No demand means no sales no revenue no money for payroll. Shut doors! Shrinking to survive :grin:

[Døn]

@kaia_ haha during covid times, incredible. One very obvious sector is technology ¯_(ツ)_/¯
Just wait for their annual results or even QoQ comparison and you will see

[kaia_]

@Don-Ragada With little capital and shortage of raw materials? How to generate new clients? So a business with a lot of labour work is never preferred at this time. You’re right, we need to consider the changing demands of people

[Døn]

@kaia_ For generating new clients or even accessing new niche, some might say that this is a golden opportunity to digitize your business. Since more ppl are using the internet now more than ever, it's obviously a challenge to digitize.
Labour intensive businesses are in a perilous state, which makes them a perfect investment option post covid, as they will be undervalued.
Thanks for sharing your opinion :)