Why conduct a market study?

Published on : 17 June 20223 min reading time

Are you planning to start your own business very soon? A market study is an essential step in the realization of this project. As a source of information on the target market and on the needs of future customers, this step is the best way to determine your chances of success. Indeed, this study allows you to obtain more tangible data that will allow you to make decisions. Why is market study so important?

Market study: to better understand your customers and their needs

Many entrepreneurs tend to neglect market study. In fact, without realizing this step, nearly 70% of young companies go bankrupt as a result of insufficient market research. You should know that this stage is extremely useful. Its main purpose is to allow you to reduce the risks of failure in your project. Thanks to a market study, you will better understand the environment in which your future business will evolve. Through it, you can not only set precise and more realistic objectives but also better respond to the expectations of your future customers in relation to the products or services offered. The more you know about your future customers (accessibility and solvency), the more you can offer them product lines adapted to their needs.

Market research: to find out about the prevailing prices on the market

By offering higher prices than others, you can be sure to miss out on many potential customers. This is why you should conduct a market study before starting your business. You should therefore take into account the prices charged by the competition (direct and indirect) before setting your own price. A more attractive price and a quality product will allow you to quickly increase your turnover and reach your profitability objectives.

You need to learn about the market you want to conquer. To do this, various questions must be raised. What type of product is currently developing or declining? What is the turnover of the companies present in the market? What is the profile of the majority of consumers? You also need to look at the constraints of your market as well as possible threats that may affect your project. If you are not careful, you risk compromising the achievement of your objectives in terms of turnover. Moreover, you have the choice between two solutions to carry out this market study: either by doing it alone or by delegating it to specialists.

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