Market research is crucial for understanding your industry and identifying opportunities. Here’s how to do it:
1. Analyze Industry Trends
Study reports and publications to understand demand, pricing, and emerging challenges.
2. Identify Your Target Market
Understand who your customers are and their specific needs.
3. Study Competitors
Analyze competitors’ pricing, services, and customer reviews to identify gaps you can fill.
4. Leverage Online Tools
Use tools like Google Trends, industry forums, and local business directories for insights.
Conclusion
Effective market research helps you make informed decisions. Wenlock Plan can incorporate detailed market analysis into your business plan.