Market research is imperative in defining the purpose of any business, analyzing competitors and potential markets, as well as learning about prospective customers and requirements of the target audience. Both established players and start-ups have to capitalize on market research solutions to widen their outreach and make an impact on their target audience. Absence of sound market research for an organization is like piloting an aircraft devoid of radar.
Most of the startups typically turn to market research for determining new opportunities, assessing profitability, for extensive insights on competitor, markets, buyers, all of which enables them charter a Start, Structure & Scale model for their business! Mostly startups follow one of the 2 ways of sourcing market research. Either they conduct the same in-house which requires solid investment or they outsource to 3rd party market research providers. However, both approaches have their shares of benefits and challenges. These typically include allocation of finances, hiring qualified and competent personnel and dedicating consistent time and effort. To overcome these, start-ups are increasingly opting for flexible market research subscription platforms like MarketNgage, permitting them to choose only those options which suit their requirements and help save immense research costs.
Read on to learn why Market Research is absolute essential for startups