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:
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- 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.