“The voyage of discovery is not in seeking new landscapes, but in having new eyes.”
~ Marcel Proust
It turns out that my first job out of college really set me up for long-term success.
What was that job?
It was as a market research analyst for The NPD Group, one of the largest market research companies in the world.
Why did this set me up for success? Because conducting market research is crucial to launching and growing businesses. The right market research:
- alerts you to new growth opportunities
- identifies competitive threats
- allows you to better target and serve customers
- more accurately determines financial needs & projections
- and much more
This week I will be talking about the different types of market research you need in your business plan.
Today I’ll start with Industry Sizing and Trends
Investors need to understand precisely how big your market is. Because if your market is too small, their opportunity for returns might also be small. So, start by determining your market size.
Investors also need to know the key trends in your market. For example, if the market is currently small, but it’s growing rapidly, this might excite investors. Or if new government regulations have prompted industry changes that support your success, they need to know.
So, be sure to conduct research on your industry and present it in your business plan.
Let Us Conduct Your Research for You
Over the past 10 years, we’ve developed an amazing market research service in which we conduct the research you need quickly and expertly.
Having this research is critical to you getting funding (if needed) and having a solid growth strategy.
Today’s Question: How can you tell a fish’s age?
Previous Question: What size was the first footprint on the moon–the one made by astronaut Neil Armstrong when he took his historic “one small step for man” on July 20, 1969?
Previous Answer: 13 inches by 6 inches.
Those were the dimensions of Armstrong’s boot. The exterior shell is the same size for all the astronauts’ boots.
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