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Researching The Market Before Starting A Business In Nigeria

Elvis Elvis

So why is researching the market very important?

Just relax and read on to find out.

Ready?… Here we go

You are passionate about starting a business with a great business idea that you have. But however passionate you are about your business idea, you’re to have the answers to all the questions concerning your market place.

Yes…

Before you can develop a develop a successful business strategy, you have to understand as much as possible about your market and the competitors you are like to face.

And that’s why researching the market before starting a home business is very crucial..

“…it is curiosity, initiative, originality, and the ruthless application of honesty that count in research- much more than feats of logic and memory alone.”– Julian Huxley

So let me ask you a question.

Do you want to hit the bull’s eye with your market entry strategy or you could rather gamble it and probably get it wrong?

Researching The Market Before Starting A Business In Nigeria

A market research will provide you with enough information on whether there are enough attraction to what your want to provide and at a profit that gives you a viable business. You will also be able to know who is also providing what you intent to provide and how they are providing it.

Hymm! Think you need a lot of money for a market research?

Relax!… You can gather information cheaply yourself. The internet would actually be very useful in this regards. Use it to your advantage by making searches and by posting questions in related forums. You could take time to the ask people around in your locality.

The areas to research include:

    • Your customers: Who may be interested in what you have to offer? How many such customers are there? Are they enough to give you a viable business? What particular customer needs do you meet?
    • Your competitors: Who are you competing with in your market/product area? What are there strengths and weaknesses? what do consumers think of your competitors product or service?
    • Your product or service: How can you package your service or product to meet your customers need and gives you an edge in the market?
    • The price: What do customers see as giving value for money, so as to encourage both loyalty and referral?
    • The advertising and promotional material: Where and how do you intent to promote your products and services?
    • Channels of distribution: How will you get to your customers and who will need to distribute your products or services? Will you use supply directly to customers yourself? Will you need other retailers or wholesalers? Or do you intent to use the internet? Keep in might that each of these methods will take a slice of your profit.

Ready to launch your research before starting a business in Nigeria?…

Great idea!