In reality, market research takes time and resources, so we dbtodata recommend that you be strategic when conducting your research.
Here are 4 times when you should definitely do market research:
Before Starting a New Business or Venture — Initial market research is important before investing in a new business or venture. It will help you discover competing products, pricing structures, and marketing initiatives.
Before Entering New Markets — Understanding your potential customers in new markets is critical . Economic transformations, emerging trends, and cultural values vary from country to country. Market research can help you avoid costly mistakes.
Before Developing or Launching New Products or Services — As your business grows, you will likely launch new products and/or services. You’ll want to understand market conditions before making any big moves.
After any of the above — After starting a new business, entering new markets, or releasing new products or services, plan to conduct a follow-up research cycle. This will help you determine what’s working and what you need to work on.
When you’re ready to start your research, start by considering what insights you’re looking for. Do you want to understand your competitors? Do you want to better market your products? Are you trying to address a customer pain point?
To get the answers you are looking for, there are two main types of market research:
