Colorado Business Resource Book

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Market Research

Knowing if there is a demand for your business may be hard to assess. Small business success is based upon the ability to cultivate and develop a loyal customer base. You must focus your efforts on identifying, satisfying and following up on the customer’s needs. To reduce the risk of starting a new business, you can do market research. Although research cannot guarantee success in your business, it can improve your chances by estimating sales potential and avoiding losses caused by lack of responsiveness to market demand.

Before You Start: Before investing your time and money in a market research study, there are a number of things you should consider to help you determine what your customers want:

  • Who will purchase the product or service?
  • Who makes the buying decisions?
  • What is the current demand?
  • What other products or services currently satisfy that demand?
  • How many companies provide those products or services?
  • When is the product purchased?
  • Why is it seasonal?
  • Where is the product purchased?
  • Where is the buying decision made?
  • How does the potential customer buy the product now?
  • Will that customer buy the product again?
  • How are purchases financed or serviced?
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All information within this resource book and website is for informational purposes only and is not intended to be legal, tax, business or other professional advice. It is current to the best of our knowledge as of the date of publication. You should contact an appropriate professional to discuss any issue particular to you or your business and only rely upon your own research into those issues. Use of and access to this resource book or the associated website does not create any relationship between the publisher, authors, and the reader, or any other individual or entity. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAWS, THE MATERIALS AND INFORMATION IN THIS RESOURCE BOOK AND WEBSITE ARE DISTRIBUTED ON AN "AS IS" BASIS WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE.