Did you know that about 90% of startups fail? Market research is crucial to de-risking and is the missing link between a successful and failed business venture. Here are the steps that need to be done.

Market understanding – before introducing your product or service, you need to verify if there’s a market for it. First, look at macro trends and behaviors and then identify your target audience. You can position your offering better if you have a deep understanding of how markets think and act.

Market entry – now that you know there’s a potential market, you need to determine its size and shape. Often, it’s best to start local, but you’d also want to know at this stage if there’s a potential for expansion. This is also where you analyze how much competition you’re up against.

Shopper research – this is where you identify your customers’ shopping behaviors across various channels. Knowing which products they buy and the motivation that drives these purchases can help increase your online and in-store sales.

Product development – your brand will enjoy success in the long-term if you learn to spot opportunities as they come. Stay relevant by identifying consumer needs that you can capitalize on and then launch new products where possible. At this stage, you need to study where the market is headed to pinpoint potential areas for growth.

Doing market research on your own can be very costly and time-consuming. Hiring a professional market research agency can help expedite the process and ensure that everything goes well the first time, with only minimal adjustments in between. If you don’t know where to find one, I suggest using https://kadence.com/en-us/. They have offices in Asia, the US, and Europe, and this global reach can help provide you with a broader insight into what the market looks like locally and globally.