02.10.2009 14:31:18

Investors Network Team

As an entrepreneur you may have the best new business idea around, if you don’t understand your market and potential clients, you may struggle to promote your product effectively, make it suitable to your clients needs and know who the competition is.

Doing effective market research will help you to understand your market and support you in the process of becoming more effective and profitable with your business.

One of my favourite business related quotes is this one by Peter Jones:

“My most crucial tip of all is make sure that you research your idea thoroughly! It is amazing how many people try to pitch to me, without having looked into the market sector that they are trying to break into. Sometimes a simple internet search reveals that their idea has been done before, or that their estimation of demand is completely skewed. Look around at your competitors and see how you can offer a better and more competitive service than them.”  - Peter Jones - Venture Capitalist

Market research can be thought of as a three-part process:

marketing research | market research | new business idea