One of the most important steps for a budding business is conducting market research for their business plan. It can make or break your business. In lieu of this, make sure to follow the following four steps when creating your business plan.
Identify your customers
Your product is useless if no one is willing to buy it.
First step in your market research is to find out if there’s anyone who’d be interested in what you offer.
- How old are they?
- What’s their occupation?
- What’s their income level?
- How’s their lifestyle?
- What’s their education level?
This information can easily be found in your country’s census report.
Identify your competitors
Unless your product is one of a kind, new in the market, and does not have any alternatives, then you need to identify your competitors. Learn why consumers are buying from them. How can you improve on their propositions while still remaining unique? What’s their price point? What can you offer besides lower prices?
What’s your unique selling point
If there are other similar products in the market, you’ll have to make yours stand out. Ask your consumers what they don’t like about their competitor’s product. See if you can improve on it. Learn new innovative ways to create your product and make it better than that of competitors. OSAR Enterprises will help you differentiate your products as well as get you a ready market.
Document your research
It’s not enough to do the research. You’ll need to document it in an understandable way that is presentable to investors and funders. It needs to be well detailed, well structured, and easy to understand.
Get in touch with OSAR Enterprises for all your market research needs. We specialize in Product Testing, Concept assessment, Supplier due diligence, Sample/Prototype development, Business architecting.