Tactic 3: Market Research

Introduction

Primary market research is important for an entrepreneur starting a new business because it provides valuable insights and information about the target market, competitors, and industry trends. This information can help the entrepreneur make informed decisions about their business strategy, product/service offering, and marketing efforts. Additionally, primary market research allows the entrepreneur to identify potential opportunities and challenges in the market, and tailor their business to address them effectively.

In general, it may be beneficial to start with qualitative primary market research to gain a better understanding of the target market and their needs, preferences, and motivations. This can provide valuable insights and help to identify potential gaps in the market that the entrepreneur's product or service can fill. Once this initial research is completed, quantitative primary market research can be conducted to gather more precise data and measure the potential demand for the product or service.

As an entrepreneur develops their venture, their primary market research will likely become more focused and targeted. They will likely start with more general research to gain a broad understanding of the market and their potential customers, but as the venture progresses, they will likely conduct more specific research to better understand the needs and preferences of their target audience. In time, this may shift from in-depth interviews to also include conducting surveys and focus groups with potential customers to gather more detailed information about their preferences and pain points. Additionally, the entrepreneur may also begin to gather competitive intelligence and market trends data to better understand the landscape and position their venture for success. As the venture grows and evolves, the entrepreneur's primary market research will likely become more refined and focused to support their business goals and objectives.