Market research is vital for the success of your enterprise. Depending on the nature of your business, your market research needs will vary. Although most companies are aware of the importance of market research when starting out, many overlook the fact that market research should continuously be a part of your ongoing market strategy.
Market research is an incredibly valuable tool in order to help you find information about your competition and potential new customers as well as beef up your subject matter expertise (SME).
Key information areas include who offers similar products/services to you, who has a need for your product or service and how much are they willing to spend. Market research can help you define how much people are willing to spend, how often they will utilize the product or service, and what specifics they are looking for within the industry.