PKF Texas: The Entrepreneur’s Playbook® - Market Research

How do you know if will sell or not... Market Research!

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Greg Price
Episode: 195
February 28, 2009

Summary:

Greg Price explains how effective market research can tell you whether a product will sell, where and at what cost.

Full Interview text

Greg: This is Greg Price with PKF Texas’ Entrepreneur’s Playbook. Effective market research is becoming increasingly important as companies look to launch products and services during an economic lull. With the costs of developing and launching a product on the rise, you want to make sure you are producing something that your target market needs or wants to buy.

Market research allows you to determine the need for your service, a product’s likelihood to sell, target demographics and geographic locations for points of purchase.

Ask yourself these questions:

Who, if anyone, has a need for the product or service?
How large is the customer base?
What is the price point that will meet the needs of my business and the customer?

There are several ways to uncover the information you need. These include:

Online research
Focus groups
Surveys

One great resource in Houston is Saurage Research. Visit their website at SaurageResearch.com. If you are resourceful, your market research shouldn’t be a budget buster. The failure to adequately research your target market can be costly. Does anyone remember “New Coke”? To read and comment on the PKF Texas’ Entrepreneur’s Playbook, visit my blog, fromgregshead.com. PKF Texas – The Fit That’s Right!