One of the most important steps you can take before you start your business is doing market research. Skip this step, and you risk offering a product or service that is incorrectly priced, marketed to the wrong audience, or worse—that nobody really wants.
Marketing research can give a business a picture of what kinds of new products and services may bring a profit. For products and services already available, marketing research can tell companies whether they are meeting their customers’ needs and expectations. By researching the answers to specific questions, small-business owners can learn whether they need to change their package design or tweak their delivery methods–and even whether they should consider offering additional services.