8 Reasons Why You Need Market Research For Your New Business

By  Maham Qasim

March 15, 2022 7:44 am EST

So you think you know what your customers want- and don’t want. You’ve asked them, haven’t you? Well, that’s not enough.

Market research is vital to ensure everything goes as smoothly as possible when starting up a new business or launching a new product. Here are our eight reasons why: 

Reason Number 1: 

Without market research, pretty much all of the decisions you’ll make about your new business will be guesses. You might decide that there’s a gap in the market for something, and you think it would do OK- but without checking out what other customers are buying and how much they’re willing to pay for it, you could be completely wrong. 

Reason Number 2:

You might think that you’re offering the best price on the market- but without checking this out, how will you know? Ensure that people are willing to pay for rather than something they wouldn’t purchase. Don’t let your enthusiasm outshine what the product is actually like and how good it is! It could be a great value, but what’s the point if nobody wants to buy it?

Reason Number 3:

If you’ve got a great new idea, chances are someone else will too. Before you invest all of your money into something that nobody wants to buy, make sure that there isn’t already a competitor on the market with it. You need to make sure that people are prepared to pay for it, and you can’t do that if someone else has already come up with the idea. 

Reason Number 4:   

You might think there’s a massive market out there for your product- but is there? Market research will let you know how big your market is- and if there’s room for you. Do you have an idea about the competition? 

Reason Number 5: 

Market research helps you find out who your target customers are- and how to reach them. What kind of customers are going to be interested in the product? Will they have enough money to spend on it? Can you grab their attention? 

Reason Number 6:

Without market research, you won’t be able to ensure that your product will sell well. It’s crucial to know what the demand is like- and whether there’ll be a big enough market out there for it. You need to know these things before spending all of your money investing in something that nobody will ever buy. 

Reason Number 7:  

You might think that your product is good, but you don’t know whom it’s aimed at without market research. If you’re not producing something people want or need- they won’t buy it! You must do some market research before investing in designing and creating the actual product. 

Reason Number 8: 

Market research will tell you the best people to sell your product to get the most sales. If it’s just anybody, you’re limiting yourself- and wasting money by trying to reach too many potential customers at once. You need to target your market so that it’s easier for you- and more likely that they’ll want what you’ve got to sell.

Take Away

Wi’/’;’th[out market research, you’re just tossing a coin to see what happens. It’s better than making the whole thing up-but not by much! All of your decisions will be based on guesses- and some of them could come back to haunt you. Market research is time-consuming, expensive, and even more so if you get it wrong- but it has to be done.

Maham Qasim

Maham is a copywriter and content creator who's always been drawn to the idea that there's more than one way of getting things done. Her writing career can be thought of as just another side hustle for her; when she isn't crafting content or reading Oscar Wilde, Maham often strategizes about how best to reach out with an engaging voice in this ever changing marketplace!

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