Importance of Market Research in Starting a Successful Startup Business PruVisor Management Consulting

Starting an entrepreneurship journey can be exhilarating. It takes a lot to manifest an idea into a successful business. One can easily get caught with the tangible elements of establishing and advertising their business. While these factors play a significant role in building a brand, a startup will likely stumble without market research. The potential market for your products and services can be only be identified by researching about the pool of consumers or businesses who would consider purchasing them. Hence, conducting sufficient and comprehensive market research is the key to know vital aspects before starting a business such as launch timing, unique features to include, and many others.

In this highly competitive world, market research ensures a victorious head-start and doubles up the success odds for any kind of business. Knowing the offered type is crucial while conducting market research for a startup.

Primary Research based Solution for Specific Business Problem

Primary research involves collecting relevant information via asking questions directly from different sources, depending on your needs and requirements. This kind of research is best suited when a startup wants to know about the average spending of customers for a particular product or service or to infer customers’ perception and attitude towards a brand. An entrepreneur or a business owner business problem can be addressed in multiple ways, few specific research needs can be classified under following categories.

Product tests, Brand equity & tracking, Stakeholder satisfaction & loyalty tracking, Communication research, Usage & Attitude studies, Demand estimation, competition mapping, Pricing research, Accepter- Rejecter studies, Retail research, CAPI, CATI, Online research and many more.

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To accomplish these business goals, one needs expertise in both qualitative and quantitative research methods, a solutions-based approach that incorporates a holistic research design, and rigour in every step of the research process, including the design of the questionnaire, data collection, analysis, and reporting. Utilizing technology to its fullest potential for quicker turnaround, actionable insights, and—most importantly—the involvement of industry mentors and experts who can provide prudent advice and who speak the client’s language for easy communication.

PruVisor CX and Insights tram works closely with startup clients to give them strong handholding and assured success plan for their business alignment and help in their growth journey

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contact with our Consultant: research@pruvisorconsulting.com

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