‘4 Phases of Market Research to Ensure Success’ – Entrepreneur
Ray Beharry says, “Failure is almost a rite of passage in the startup space, with nine out of 10 new businesses crashing and burning. Tellingly, 42 percent fail because they created a product no one wanted to buy.
And there’s a lesson there: No matter how good your idea, you need to make sure there is a market out there that wants to experience your vision — not the other way around. That’s why researching your idea is just as critical as having it to begin with.
To ensure you keep your business on track, don’t just conduct market research before you launch. Dig deeper at each and every phase of your startup. Here’s how.
1. Identify the problem you’re solving.
The ideation phase is where you have that aha! moment, gaining clarity on not just a problem, but its solution. This is also the phase where you need to conduct your first round of market research”.
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