What Market Research Can Do For Your SME [Infographic]

Running your own business is a commitment. Surely, you would like to see your hard work bear results. However, at the end of the day business is about identifying the right opportunities and taking the appropriate risks. Market analysis is the first step to ensure that your business will continue to succeed. Before getting into a product or a service, you must know if the demand for it exists. Then, you should also gauge the level of consumer interest and if your business is going to be sustainable. Of course in the long run, markets change. So you have to keep a track of the evolving trends too. All this and more is covered in the discipline of market research. The simplest tool for a market research is the online survey. Folks from Surveygoo.com have created a nice infographic on how market research comes in handy for small and medium businesses. Have a look:

Submitted by Neil | Infographic source: www.surveygoo.com

How important do you think it is to conduct market survey before launching a new product? Do you create surveys to collect feedback? Tell us about it in your comments below. Share this infographic with businesses you know need surveys. Send in your suggestions to marty@thelocalbrand.com

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Jeremy

Business Analyst and Local Business Marketer. Practical Brand Advisor. Co-founder & Admin at The Local Brand. Writes about marketing and investment. Motorcycle enthusiast and likes to travel.