What You Don’t Know…

I’m just looking through a market research document that my marketing team have put together. They’ve crafted it over the last week or so for a new business we’re starting next year.

It’s a thick document.

At over 30 pages it’s massively detailed. The first draft I received last week was more than double that in raw data and conclusions. We’ve managed to condense that now to only the critical data for the niche that we will be initially targeting.

It’s got me thinking. How many entrepreneurs physically do proper due diligence before they launch a new business, product or service?

When starting your business did you spend real quality time researching whether you have an adequate market who compellingly wants whatever you sell?

Most entrepreneurs I meet give this part only a glancing blow at best.

But in essence, this is the most important job you can do prior to launch. A few searches on Google, asking your mates in the pub or having a rock solid gut feel is just not good enough. Not if you want real success.

The truth is if you’re not selling as much as you like, then the chances are you don’t fully understand what your market wants, how they buy or what motivates their decision.

The good news is, there’s still time to figure this out and fix it.

The thing with market research is, it is always updating because your market is always changing. Therefore if you give this some attention now, you can still make a massive change.

My team spent a lot of time working out what information we should find out about our market. If you think this might be helpful to you feel free to reply to this email I’ll happily send over what I believe are the core areas you should be looking at when you conduct your market appraisal.

I hope this helps.

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