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  • Carla Medina, Founder

The Importance of Market Research as a Startup

Startup Business and the Importance of Market Research

The level of attention that you give to market research can either mean the success or demise of your startup business. Contrary to popular belief, taking your business from conceptualization to profitability does not simply require an innovative idea. This idea must be considered within the context that it will be implemented. There are cases where an idea can be great, but not great for a particular region, time, among other finer details. By conducting research and making wise use of the findings, you will position your startup business for meaningful success.

The Importance of Market Research

It is impossible to confidently develop and execute a marketing strategy without proper market research. Market research involves the collection of key information about the state of an industry/niche and its customers’ preferences. It is in market research that you will be able to get an understanding of how customers will react to your product or services. By ignoring market research, you are setting up yourself for a high chance of failure.