To help you Understand what Companies do when they fail to Carry out a proper Market research, We shall look at a Popular game normally played during birthday celebrations by groups of children. It’s called, “Pin the tail on the donkey.” The rules are simple, a child is given a pin with a tail attached and all he has to do is pin it on a donkey attached to the wall. But, there is a catch.
The child has to be blindfolded and spun around till they are thoroughly disoriented first. Of course, after such a scenario, it is almost impossible to hit the mark. This is what Most Companies do when they launch new Products or Establish new Business Locations without carrying out a Proper Market research.
Market research is the process of Collecting and Analysing Data on your Market, Target Customers and the Current Competitive Environment.
In this article, we’ll take you through the Importance of Market research in Kenya
Why do Market Research in Kenya.
A well planned Market Research gives you valuable information that helps your company start on the right foot. It could mean the difference between goods flying of the shelves or goods rotting on the shelves.
The data you get will help you understand:
Part of Market Research involves doing a thorough analysis of your potential and current clients. You might questions such as:
2. Your Market
This involves analyzing the forces of Demand and Supply in your market. Question to consider:
Your Industry and Environment play a critical role in how you operate. Questions you should ask include among many others:
3. Your Competition
Your competition is a key component of every Market Research in Kenya. To find out as much as you can about your competition, ask questions such as:
These are just a few of the questions that detailed market research can answer.
Market research gives an edge that helps your business sidestep potential potholes in your path. The data you gather can help you:
You now understand why it’s important to do market research. Lets take a look at when it’s the right time to conduct one.