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You have come up with a break through. Your brand new idea is evolving in your head, then in meetings with your colleagues and it is pretty much growing into a business strategy. You have fingers crossed that this idea/business strategy/new product will meet huge demand on the market. But even if all your colleagues have fingers crossed, it won’t give you the certainty or green light to open the gates of your financial sources, invest into development, production and marketing of this new product. If you don’t have the certainty, you run the risk of your project being bypassed by demand. Well, nobody wants that. Do you ask how you get certainty that the market is ready for your product? The answer is through market research.
What is market research?
By conducting market research you try to find out the buying potential of the coveted market. You analyze the market, segment and target the audience, stalk your competitors, observe pricing trends and simply try to gain data that will show you whether to try to penetrate the market or not.
We are opening quite a huge topic, as there are so many ways to approach market research. A market research of a small local company will differentiate from a market research conducted on demand of a global corporation. Methods, financial sources, people involved, time consumption… all of this depends on what the most suitable solution for every company is.
In this article, you will learn how much of your market research can be handled with an online survey. We will go through things that you might want to achieve by the market research and show how you can achieve those things by using an online survey. You will get concrete tips on suitable market research questions and find out how market research can help you evaluate a market opportunity.
Is the market interested in the product?
You need to uncover if there are needs that will be fulfilled by your product. These needs can be fulfilled by one of the features of your product and it will determine your USP . It can be the approach of your company to modern trends (sustainability, CSR, bio ingredients, fast delivery, perfect customer support, timeless design, better automatization). The challenge is to find out what the market calls for. The following questions serve as inspiration for you as every new product is very specific. Feel free to modify these questions.
What would help you make your daily habits faster and more fluent?
Would (product description) make your morning routine more convenient?
Would you be interested in owning such a product?
How important is it for you to save time in your day?
Are you a fan of modern technologies in cosmetics?
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