Can you answer the following questions regarding your business: Who are my customers and potential customers? What kind of people are they? Where do they live? Can and will they buy? Doing a little market research can help you answer those and other important questions that will strengthen your business.
In order to become more familiar with prospective clients and their pressing needs, you must perform market research. Not only will it inform your marketing efforts, your service offerings, and your search for the right demographic, it will also give you a competitive advantage.
The US Small Business Administration, in their article entitled “Market Research” explains that market research can help you answer the following questions:
