A new business idea could be a one off original or a way of offering a new service in an established marketplace. Whether you are the former or the latter it is crucial that you gather appropriate market research before spending hard earned money on your new venture.
If you are looking to break into a market already dominated by established players then you must do your research and find a point of difference and consider the following key points:
• Have a better product or service
• Improved marketing
• Better web design and E-commerce solution
• Produce at a lower cost
It is vital that you check the current competition and get to know how they operate. Consider what they do well and not so well.
If you are on the other side of the spectrum and have a venture that has a potential to be completely unique or at the very least unique to your area then it is still no excuse to not perform correct research. When conducting this research though it is worth taking a different approach and to consider the following key points:
• Have other businesses tried and failed to launch a similar product or service?
• Who is your demographic and why?
• Is there a demand or potential for demand?
Finally before launching any new venture, rely on using a search engine such as Google to search and asses competitors. Check approximate search queries and ascertain the cost of launching a search engine marketing campaign.
For more information on market research and digital marketing have a chat with the team at Insider Media Group.