FROM OUR EBOOK: RESEARCH IT SOLO, RESEARCH IT MICRO
One may say to oneself,
“I know my business, why do I need research?”
Research, however, has a significant role in proper decisions making:
I. Research can catch the change. Markets change regularly. Your target market last year may not be your ideal client today. Your employees may have been happy and loyal a few years ago, but they may not be so now. You can conjecture a guess as to the what and the why, but why run your business with feelings or guessing.
II. Research tells you what your potential customer wants. It’s not only about what product you are making, but how it’s made, what it looks like, where it’s distributed and some other factors that can determine how profitable you may become.
III. Research tells you with whom you are dealing. Most business owners think only about profiling their markets, but other entities interact with a small business. Employees, Competitors, Suppliers, and Vendors all can influence how your business is run. While you may not be able to control all aspects of your business, understanding who these entities are can help you as a solo/micro-entrepreneur to make informed choices.
Just to know. “Knowledge is power” is as accurate when it comes to business. For these reasons, better decision making is assured.
Keywords: strategy, brand, market research, customer, consumer research, business plan, customer service.
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