How To Conduct Market Research For A Startup Idea?
Market Research plays a vital role in every startup idea. Whenever you go to buy any product in the market, you do thorough research about it to know its customeru2019s reviews, feedback, benefits, pricing, and others. Similarly, one should do detailed market research before implementing their startup idea into a real business. It involves market survey to know their target audience, customeru2019s needs, purchasing power, the investment required, and others. The study begins by asking some demographic questions to the respondents related to gender, age, income, and demand of the product/ services you are planning to offer. It gives a clear perspective on how much the survey audience is willing to pay, how much discount can be provided. The method of primary research should never be underestimated. It is an essential factor for every startup to enjoy longevity by conducting regular market analysis to understand their competitoru2019s performance and pain points of the existing and target customers.
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