We’ve spent thousands of hours creating our product, perfecting our services, and running our businesses. But how much time has been spent thinking about whether customers actually want what you are selling?
The New York Times recently wrote an article about how important it is to really research and address the simple question “Do customers want what I am selling?”. Below are a few questions to help you find out.
How Is This Different?
One of the hardest things for a new business to do is come up with a product or service that is not only unique but also has no competition. Gaebler Ventures suggests you think about the following: who are your competitors, who are indirect competitors, are their businesses growing or declining, how does their product or service differ from yours.
Secondary Research First
Research can be divided into two categories- primary research and secondary research. Primary research is firsthand knowledge that you gain from focus groups, surveys, and other tools. Secondary research consists of published studies and research done by third-parties. Although primary research can be helpful, secondary research is very useful for understanding the marketplace.