If you haven’t yet researched your market properly, now is a good time to start. The objective of market research is to find out as much as possible about your market.
Market research helps answer the following:
- Who is your customer?
- Is there a need for your product or service?
- Where do your potential customers currently get this product or service?
- How much are customers prepared to pay for your product or service?
- Who are your competitors
- Is there space in the market for you?