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Market research can help lead to successful businesses

| Feb 13, 2015 | Business Formation & Planning |

When planning to start up a new business, it can be important to do some market research to determine why consumers are more willing to buy a certain product or service. There are numerous ways to go about this research that can help a business determine how much it can sell and how to adjust to current market trends.

Important items to research include who the target customers are, what they currently buy and why, and what can be done to make them switch companies. There are two types of marketing research, including primary research and secondary research. Primary research involves gathering data directly from consumers and can include things like telephone calls or online polls. Secondary research involves gathering data that has already been completed by someone else.

When working with secondary research, it is important for individuals to view data for similar businesses to their own. This means looking at data for businesses in the same area and with similar ownership structure. Furthermore, a relatively new business would also be more comparable to a business just starting up than a business that has held market share and grown a customer base over decades.

Some businesses may sell data related to the industry, but the writers of the book Write Your Business Plan suggest that in-house research is a more effective option. This could involve gathering popular opinions from social media and the Internet.

A new business owner may want to obtain the help of a lawyer experienced in business law. A lawyer could help a client to file the appropriate registration forms, prepare employee contracts and assess tax matters.

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