Market Research: Validate your idea; don’t skip it.

By: A Staff Writer

Updated on: Jul 13, 2024

Market Research: Validate your idea; don’t skip it.

Do:

• • Define your target audience.
  • Analyze competitors thoroughly.
  • Gather data from multiple sources.
  • Test your concept with potential customers.
  • Refine your idea based on feedback.

Don’t:

• • Rely solely on your gut feeling.
  • Assume you know your market.
  • Ignore negative feedback.
  • Rush into launching without validation.

Takeaway: Thorough market research reduces risk and increases the likelihood of success. Don’t let your brilliant idea fizzle out because you didn’t check if anyone wanted it.