Market Research

4 Tips to Follow Before Buying a Business
Buying a Business

4 Tips to Follow Before Buying a Business

Purchasing an existing venture can be very rewarding, or it can be a nightmare.
Doug and Polly White
Why Entrepreneurs Must Research Market Size
Market Research

Why Entrepreneurs Must Research Market Size

Reasonably and thoughtfully estimating an idea's potential market size is a key step to successfully bringing an idea to market.
Louis Foreman
A Simple Guide to Measuring Your Product-Market Fit
Market Research

A Simple Guide to Measuring Your Product-Market Fit

What you need to know about gauging the market for your new product or service.
A 5-Step Reality Check for Inventors
Inventions

A 5-Step Reality Check for Inventors

The only easy parts of developing an invention are underestimating the costs and over-estimating the market.
Kedma Ough
Why Market Research Matters
Market Research

Why Market Research Matters

A data specialist offers insights for startups.
The 4 Embers of the Entrepreneurial Fire
Entrepreneur Mindset

The 4 Embers of the Entrepreneurial Fire

While these cornerstones can be hard to live by, they are what makes entrepreneurs successful.
David Los
How to Make Your Business Stand Out
Startup Advice

How to Make Your Business Stand Out

These tips should help you to define exactly what your business offers, how that can serve the needs of your target market and how to build a niche for yourself.
5 Valuable Concepts I Learned Working for a Multibillion-Dollar Firm
Lessons

5 Valuable Concepts I Learned Working for a Multibillion-Dollar Firm

A startup CEO describes how his experience at Bain Capital shaped the way he approaches business.
Rob Biederman
For a Complete Marketing Plan, Look Beyond Your Direct Competition
Marketing Plans

For a Complete Marketing Plan, Look Beyond Your Direct Competition

Surely, you should be studying companies that offer the same services that you do. But you should broaden your research beyond that.
Jim Joseph
4 Questions to Ask Before Doing a National Product Rollout
Expansion

4 Questions to Ask Before Doing a National Product Rollout

A successful national rollout is achievable -- it just requires a little planning.
Jason Kulpa
7 Steps to Defining Your Niche Market
Starting a Business

7 Steps to Defining Your Niche Market

Aiming for the right customers? Use this seven-step process to develop a profitable niche.
The Staff of Entrepreneur Media, Inc.
Starting a Business? 4 Ways to Research Your Potential Customer.
Starting a Business

Starting a Business? 4 Ways to Research Your Potential Customer.

Here's the lowdown on how to talk to your target market and find out if there's enough opportunity available to start a business.
The Staff of Entrepreneur Media, Inc.
Have a Business Idea? 6 Ways to Research Your Industry.
Starting a Business

Have a Business Idea? 6 Ways to Research Your Industry.

When deciding to launch a business, it's important not only to talk to potential customers, but to gather all of the industry data you can. Here's how to do it.
The Staff of Entrepreneur Media, Inc.
How to Determine If There's a Market for Your Business Idea
Starting a Business

How to Determine If There's a Market for Your Business Idea

Before you jump in and start your business, make sure there's a market for it and conduct market research. Read on to learn how.
The Staff of Entrepreneur Media, Inc.

If you’re an entrepreneur starting a new business, doing market research can be vital in order to determine the feasibility of your business venture before committing substantial resources to it. Market research -- or the process of gathering, analyzing and interpreting information about a market to determine past, present and future customers for a product or service -- can occur in a variety of ways.

Doing market research means finding out information such as the industry as a whole, your competitors, where you stand in the market, product or service pricing and more.

It typically involves two types of data:

Primary research: This type of research you compile yourself or hire someone to gather for you, through conducting interviews, surveys, questionnaires and focus groups -- over the phone or through email. When conducting primary research, you can gather two basic types of information: exploratory or specific. Exploratory research is open-ended, helps you define a specific problem, and usually involves detailed, unstructured interviews in which lengthy answers are solicited from a small group of respondents. Specific research, on the other hand, is precise in scope and used to solve a problem that exploratory research has identified. Interviews are structured and formal in approach.

Secondary research: This type of research is already compiled and organized for you. Examples of secondary information include reports and studies by government agencies, trade associations or other businesses within your industry.

 
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