In case you've got a fantastic idea for a service or product, or maybe you've stumbled upon a chance that's not being provided by anybody else on the current market, one which is required, then do not hesitate.
But wait! Before you change into gear, you have to first ascertain whether there is really a market for your service or product. Much more importantly, you want to ascertain exactly what, if any, product/service fine-tuning is necessary.
To put it rather simply, you must first conduct marketplace research/analysis
Many start-ups and continuing small business owners neglect this critical initial step in product development. However, being convinced that their service or product is perfect just how it's, sometimes driven by means of an adversity to danger is a recipe to get below achievement. Market research companies in Singapore can help you a lot to plan effective strategies to grow business.
Often entrepreneurs skip market research/analysis since they're worried it's going to be too pricey. Considering all the additional startup investments a company faces, it's hard to justify investing capital in marketplace research/analysis which might just establish what they understood all along.
Irrespective of the motives, failing to tackle market research/analysis may amount to a death sentence to your industry. A whole lot of companies skim over significant background market information as they're so reliant or pushed around getting their product to market.
Assessing your marketplace research/analysis, you will probably collect two kinds of information, secondary and primary. Principal research, research that comes straight from the source or possible clients could be compiled on your own or as an alternative, you may hire somebody else to collect it to you.
Secondary research involves collecting lots of data, reports, facts, reports and other information from online sources, and associations like government agencies, business associations and neighborhood business chambers of trade. In reality, nearly all research you may access will probably be secondary study.