Back to Frequently Asked Questions
How do I market research for a new idea?
Q: I have an idea for a small business. How do I go about finding out if there is a need and what the specifics of that need would be? Do I conduct my own marketing research, and if so, how can I find out the proper questions to ask? I'm sure a company that does this for you would be costly.
A: You are right about the expense of market research companies. In general, this can be an expensive approach but there are some things you can do yourself to make a market determination.
Basic questions you must answer include:
• Who are likely customers?
• How can you reach these customers?
• How much will these customers pay for your product or service?
• How should the product or service be marketed?
•Who is the competition?
How to find the answers:
• Contact your local SBA office
• Contact your local SCORE office
• Check out the Bureau of the Census website
• Browse the web for the product or service using major search engines
(this is a powerful approach).
As you start this process, you will be led to additional sources of information. It will snowball quickly and you will end up with plenty of data upon which to make your decision.
|
