How to use market research to bring your idea to life?

Whether you are an strat-up or a veteran multi-national organization it's never easy to bring any idea to life. The challenges faced in both these cases are more or less similar.

Most common questions asked related to new idea are:

• Who are my target audience?
• What do they need?
• What are their wants?
• Which geographies have sales potential?
• What can be the distribution channel?
• Why they will need/want my product and services?
• Who will be our competitors?
• How’s the market environment?
• What can I do to make my product and service more attractive?
• What are Government rules and regulations in my target market?
• What is the best entry strategy for my target market?

Market research can help you in finding answers to all these questions and more as it is a well structured process which involves collection & gathering of raw data related to target market, product or service, competitors and about past present and potential consumers.

In the early phase of research process i.e. during exploratory research phase you can make use of syndicated research reports to gain relevant insights. In the later stage during descriptive research phase you can use custom market research to find specific solutions.