Why Quantitative Market Research Can Prove An Invaluable Part Of your Business Plan

“The current economic climate is having an impact on businesses large and small. What is clear is that the uncertainty means that researching a business’ market has never been more important.

Give some figures to your business plan! Market research determines the feasibility of a project and it’s a way to adapt a business’ strategy (communication, pricing policy, products range…).

A good and precise market research will professionalize your setup approach and will give more value to your business plan. Doing quantitative market research is a solution to add a personal touch to your market research as you are testing “your” precise target market about “your” precise project. It will make your project even more credible and it will help you to convince financial partners and others.

It’s an essential stage in the business start-up process but many entrepreneurs don’t do it – not least because of the supposed cost. As a result, many entrepreneurs only request feedback on their project from their family circle for their primary research which will of course, give them some positive return. Producing your quantitative research alongside an agency is a far more objective solution and is at last affordable to those with a small budget thanks to the online method.” says Michael Tinmouth, Editor, Entrepreneur Country

We wholeheartedly agree and design and use an on-line survey as a part of our discovery audit. It’s fast, cost effective and gives quantifiable results which are necessary for a rigorous and meaningful brand appraisal.

Read Michael’s full report on freshbusinessthinking.com

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