Market Research

5 Steps to Build a Million-Dollar Business in One Year
Starting a Business

5 Steps to Build a Million-Dollar Business in One Year

Plenty of businesses have achieved this goal, and you can too.
Sujan Patel
4 Simple Strategies to Improve Your Business Success Rate
Growth Strategies

4 Simple Strategies to Improve Your Business Success Rate

Whether you are bringing in over $100 million in yearly revenue or $10,000, you can double or nearly triple that number with these tips.
Matt Mayberry
3 Vital Things to Consider Before Naming Your Company
Business Names

3 Vital Things to Consider Before Naming Your Company

Introduce your business to the world with a handle that's unique. Here's how to do the due diligence.
Natalie Bounassar
5 Pieces of Bad Advice You Should Ignore If You Want Your App to Succeed
Apps

5 Pieces of Bad Advice You Should Ignore If You Want Your App to Succeed

Should you build a business plan or seek patent protection for your app?
Rahul Varshneya
How Entrepreneurs Can Benefit From Frugal Experiments
Market Research

How Entrepreneurs Can Benefit From Frugal Experiments

Startups can snatch success from the jaws of failure by doing research on a shoestring.
Peter S. Cohan
Don't Ask for Money Until You Assemble a Focus Group
Raising Capital

Don't Ask for Money Until You Assemble a Focus Group

A Babson College lecturer hones in on some essential truths of customer demand with an inexpensive 20-minute test.
Peter S. Cohan
6 Critical Steps to Succeeding in an Untapped Industry
Success Strategies

6 Critical Steps to Succeeding in an Untapped Industry

Pioneers in new fields and innovators face extra risks. Here's how to venture forth wisely.
Tim Maliyil
Should You Listen to Your Customers' Needs or Do They Even Know What They Really Want?
Customer Feedback

Should You Listen to Your Customers' Needs or Do They Even Know What They Really Want?

There is a difference between deeply understanding your customers by asking them what they want and doing exactly what they say.
Alice Default
Why a Taxi App With $100 Million in Funding Failed in the U.S.
Competition

Why a Taxi App With $100 Million in Funding Failed in the U.S.

The startup had all the makings of a good rival to Uber and Lyft, but in the U.S., it encountered more speed bumps than it could manage.
Erin Griffith
How to Test Your Google AdWords Campaigns
Google AdWords

How to Test Your Google AdWords Campaigns

When it comes to online advertising, you don't have to fly blind. Get the basics on testing your Google AdWords ads.
Perry Marshall, Mike Rhodes, and Bryan Todd
4 Questions You Must Think Critically About Before Starting a Business
Starting a Business

4 Questions You Must Think Critically About Before Starting a Business

Don't fly blind and rapidly spend your hard-earned cash on an idea that may never work out.
Stephen Key
9 Questions to Ask When Assessing a Market
Growth Strategies

9 Questions to Ask When Assessing a Market

If you're struggling with, looking to expand or considering entering into an industry, study your opportunity for growth with these queries.
Andrew Miller
Shyp Co-Founder: 5 Lessons on Expanding to a New City
Expansion Opportunities

Shyp Co-Founder: 5 Lessons on Expanding to a New City

Going bicoastal after just six months of business is a big decision. Here are a few important things to keep in mind if making a similar move with your own company.
Gabrielle Karol
Richard Branson on Finding the Right Path
Passion

Richard Branson on Finding the Right Path

Now is the time to act and discover the passion that will help you succeed.
Richard Branson

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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