Work Out What Information You Need Before You Start
Market research is no different from any other research project. To be successful, your research project needs a clear scope and that includes a problem statement.
What question are you looking for an answer to?
In the case of a new product or a new business, the question or questions are generally:
- Who will buy the product,
- Why will they buy it, and
- How much are they prepared to pay?
Before you start knocking on doors and showing people your product, take some time to really think about what it is that you want to ask of the market and design your research project accordingly.
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