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    1. wholesaleinsight's Avatar
      wholesaleinsight is offline

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      #1

      Market Research | Marketing & Advertising > Market Research

      Market research is a process that most entrepreneurs never even think about when starting a new business. It could be the overwhelming thought of it, or maybe they do not like the idea of their business not succeeding - that their passion is not passionate enough after all.

      To get things going again, you must create a detailed outline of the things that must be done to get past the brainstorming stage to actually making everything come true.

      Starting a new business is like running through the forest blindfolded. It's all fun and games for a couple of miles, but you soon find yourself bumping into a wide variety of obstacles that slow you down towards your end goal. Even if you manage to live through it, you will always regret the thought of it.
      The very first step should make is market research to validate your opinions.

      Here's one more analogy for you, market research is like walking on a balance beam without checking the bolts of the beam that are holding it in place. You are walking across when the bolts wobble loose, the beam shakes; you flail about your arms, and fall face first onto the ground with a hard thud.

      It's funny how business analogies always end in tragic circumstances for the entrepreneur. Even funnier is the facts that market research is a process plenty of entrepreneurs put in the back burner of their business or more likely, choose not to make it part of their overall plan.

      The thing is that market research will tell them what they do not want to hear, that their business is not so unique after all.

      It's a tough act to follow when market research says your business is not that great to the buying masses. That is why entrepreneurs ignore the facts and fight on as planned, misleading themselves, their investors, and their families, thinking they know everything better than the market knows itself.

      But why is market research such a vital routine in the startup process? The research will show you if there is even a market for your product or service.
      If there is a proven market, wonderful, keep on fighting. And if research tells you a different story that you should consider yourself lucky that you found out now before taking a second mortgage on the house.

      Market research will keep in the know of things. A perfect market is one that is passionate, gigantic, easy to reach, and with plenty of income to spend on a product or service like yours.

      Your market should be vying for what you are offering, or you will see yourself selling to an disinterested group that has no interest in it. I see it as selling fast food to vegetarians; there is just nothing to work in that area.

      There are countless stories of how entrepreneurs have this great idea, but their beliefs are based on their own emotions, not on real market research. They are so in love with their business and will never accept no for an answer.

      Just because you adore your business does not mean the public will. So perform hours of market research, stay true to the results, and work with your new plans.

      With the help of the Internet, it's really easy to get things going by visiting Google and searching for the name of the product or service you are interested in. You will eventually see all types of industry associations and organizations, who will publish all the latest stats about their industry and give them away for free or for a small fee.

      If you work a retail business, you will discover one industry organization that offers detailed market data for a hundred dollars, eventually saving you time, so it is money spent wisely and the data will be much more in-depth than anything you would come up with on your own.

      And never forget to keep close tabs on your competition because they teach you the most about yourself.
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    2. Mr Potato's Avatar
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      What you say here is really to the point, sometimes people know how the things should go, however they can't do according to what they think firstly when processing it.

      A large number of people know marketing is very important when they talk about it, but they're unware of how important it is in operating their sites.
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