When should I conduct market research?
Market research can be a valuable tool at numerous points in your business journey, particularly when you are:
Starting a business
If you’re exploring a new business idea, market research will help you understand how likely that idea is to succeed and allow you to tailor your business plan and define your target customer.
Applying for financial aid
You can use research findings showing there is a market for your business or product to support applications for bank loans or other forms of investment.
Moving in a new direction
For established businesses considering expanding into a new market or designing a new product/service, market research gives an insight into whether they are on the right track.