Market research helps you spot opportunities, reduce risks and make better decisions. How to find the information you need. The journey to get your product to market, it's easy to get carried away, but you must carry out thorough market research to check there's a market and your prices are realistic.
Who will buy your product or service?
How much are they willing to pay?
Is this enough to make your business pay?
Who else is doing what you plan to do in your area and how?
What will be your Unique Selling Point (USP)?
This video explains how to carry out market research and the resources you can use.
Identify some potential customers and test your proposed product/service on them and get their feedback on usage and price. Find out more about potential competitors, their strengths and weaknesses - how do they market themselves, what is their pricing structure, etc?
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