To run a successful business, you will need to zero down on the market in which you will be dealing ie., products/services you will produce, the customers you will serve, your competitors and your industry. Market research is the process of analyzing data to help you understand which products and services are in demand, and how to be competitive. Market research provides valuable insight to help you:
• Reduce business risks
• Spot current and upcoming problems in your industry
• Enable you to negotiate with your customers on price, quality, delivery, etc.
• Identify sales opportunities
How to Conduct Market Research ?
Before you start your business, understand the basics of market research by following these steps:
1. Understanding the local economy and markets
The government offers a wealth of data and information about businesses, industries and economic conditions that can aid in conducting market research. These sources provide valuable information about your customers and competitors:
2. Understand the International Marketplace
Today’s economy is a globalized marketplace, so it’s important to understand the international factors that influence your business. These resources will help you to research potential international markets for your products or services:
• Indian Trade Portal (Ministry of Commerce) ITC helps with all resources on exports and imports
• Federation of Indian Export Organisations (FIEO) Identifies resources and assists business owners seeking to sell their products abroad.
• Country and Commodity wise Import and Export data Statistics on trade with countries across the globe which will help you to identify opportunities
• Export Promotion Councils There are 14 Export Promotion Councils that help Indian companies find new international business partners