Before you start to write your business plan , it is essential to do a robust market research.
Isn’t it easy to do market research for the first time and you might not know where to start?
If so, you’ve come to the right place!
To help you do the market research of your business plan, we have put together some resources here that should help you better understand both what market research is and what its objectives, how how to carry out a market study that holds up, and finally how to present it in your business plan.
Market research: definition
The 1st article focuses on the definition of market research and aims to explain in a synthetic way the main objectives of this one: what is a market study?
How to do market research?
How to do market research in practice? To answer this question we have put together a detailed guide. This covers the 5 steps that will take you from the idea to a viable business proposition in your market:
Step 1: sector analysis
- Start by estimating the attractiveness of the sector using a sector analysis .
Step 2: qualitative study
- Determine consumer expectations with a qualitative study .
Step 3: competitive analysis
- Evaluate the forces involved using competitive analysis .
Step 4: Unique Selling Proposition
- Define your Unique Selling Proposition (USP) .
Step 5: quantitative study
- Validate the relevance of your commercial offer with a quantitative study .
Market research questionnaire
To carry out the quantitative study of your market research, you will probably have to create a questionnaire.
In order to help you in this task we have gathered here a set of resources containing both tips and suggested tools:
- Guide to carrying out your market research questionnaire
- List of tools to create an online questionnaire
- Tips for a Successful Market Research Survey
Market study and business plan
Once you’ve done your market research, it’s time to present the findings in your business plan.
To help you in this task, we offer you this article which focuses on the questions that must be answered by the market study of your business plan , its reading should allow you to better understand the expectations of your financial partners with regard to your market research.
The 2nd article that we offer you is a guide explaining how to present the market study in the business plan . The methodology proposed in this guide is not the only one possible, but it should help you better understand how to bring out the main conclusions of your market research in your business plan.