If you build it, they will come, right? Well, not so much. In today's business world,

you need to build it and then seek out customers, craft a message that resonates with those

target customers, and execute a multidimensional advertising campaign. Simple. Okay, how? In today's

episode, I'll highlight the steps for developing market research

for the purpose of finding customers. Welcome to the business buffet side dish. This is a quick

snack on a specific area of business. Today, we will present a concise element you need to run your

business. Remember to visit

business buffet.com page or listen to wherever you get your podcast. It's snack time.

Welcome to the business buffet side dish. My name is Ed Beharana, and I greatly appreciate

you taking the time to listen. Market research blends customer behavior

and economic trends to confirm and improve your business idea. It's crucial to understand

your customer base from the outset. Market research lets you reduce risks even while your business is still just a gleam in your

eye. Gather demographic information to better understand opportunities and limitations for

gaining customers. This could include population data on age, wealth, family, interests, or anything else that's relevant for your business.

Then answer these questions to get a good sense of your market.

Demand. Is there a desire for your product or service?

Market size. How many people would be interested in your

offering? Economic indicators. What is the income range and employment rate? Location. Where do your

customers live? And where can your business reach?

Market saturation. How many similar options are already available to customers?

And lastly, pricing. What do potential customers pay for these alternatives?

You'll also want to keep up with the latest small business trends.

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