According to the Small Business Administration, over 50% of new businesses fail within the first 5 years.
What’s the most common reason cited?
The market simply doesn’t need their products and services!
Does anyone do market research anymore?
No matter what business you are in, conducting thorough market research is crucial because it provides valuable insights into your target audience(s), allowing your to tailor your products or services to meet specific needs and preferences. Additionally, market research helps in understanding the competitive landscape, enabling you to identify gaps and opportunities that can give your business a competitive edge. Furthermore, it aids in making informed decisions regarding pricing, marketing strategies, and resource allocation, ultimately increasing the chances of long-term success and profitability in a competitive market.
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