Market Research Activities You Can Do

Examine existing products / services

Look at other similar products / services on the market:

  • Can you learn from them?
  • What do they do well?
  • What do they do badly?
  • How is your product going to be better than everything else that is available?

Examine your target audience

Look at your target customers:

  • What are their needs? A questionnaire is a good way of finding out what your customers want.
  • You could also talk to someone who is an expert in this area. For example, if you are producing a piece of craft, how about talking to a successful craftsperson in your area? You might learn many valuable lessons.

Carry out a product demonstration

You could show your product to some of your target customers and ask them for feedback before you start selling it.

Keep an eye on the market

Even after you begin selling, keep an eye on what is selling well and what is not selling for you.

  • Perhaps you should drop the products that are not selling and concentrate on the ones that are?
  • Ask your existing customers if there is anything else that they would like to buy from you.