{"id":4931,"date":"2024-05-02T09:36:39","date_gmt":"2024-05-02T13:36:39","guid":{"rendered":"https:\/\/sadcdev.picard.ca\/?p=4931"},"modified":"2024-05-02T09:38:20","modified_gmt":"2024-05-02T13:38:20","slug":"market-research","status":"publish","type":"post","link":"https:\/\/sadcdev.picard.ca\/en\/market-research\/","title":{"rendered":"Market Research"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"4931\" class=\"elementor elementor-4931 elementor-4787\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-543e682 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"543e682\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7b4f46f\" data-id=\"7b4f46f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-345a796 elementor-widget elementor-widget-text-editor\" data-id=\"345a796\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Market research is a crucial step in the startup of your business. This is what will confirm or disprove the viability of your project.<\/p><p>Three factors must be taken into account when conducting your market research: the market in general, your target customers, and your competition. The goal of the exercise is to collect enough information on these three elements to be able to analyze them. That way, you will get a comprehensive picture of the situation in which your new business project or company will be established.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f0d1617 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f0d1617\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-30aa8e5\" data-id=\"30aa8e5\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8b0003e elementor-widget elementor-widget-image\" data-id=\"8b0003e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/sadcdev.picard.ca\/wp-content\/uploads\/2024\/04\/RE25.png\" title=\"\" alt=\"\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-d08016e\" data-id=\"d08016e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f87ab08 elementor-widget elementor-widget-heading\" data-id=\"f87ab08\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<div class=\"elementor-heading-title elementor-size-default\">Studying your market\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fc1e5db elementor-widget elementor-widget-text-editor\" data-id=\"fc1e5db\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Studying your market in a general sense is essential to the success of your business. To do this, you can:<\/p><ul><li class=\"bullet-arrow\">Monitor the consumption habits specific to your field;<\/li><li class=\"bullet-arrow\">Follow the trends;<\/li><li class=\"bullet-arrow\">Observe the social and economic environment that is most conducive to the target market;<\/li><li class=\"bullet-arrow\">Etc.<\/li><\/ul><p>The data you\u2019ve collected will help you determine if the sought-after market is conducive to receiving your product or service, if it\u2019s stable, if a long-term vision is possible, etc.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4bc0e64 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4bc0e64\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-eede788 column-listing\" data-id=\"eede788\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-57130f3 elementor-widget elementor-widget-heading\" data-id=\"57130f3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<div class=\"elementor-heading-title elementor-size-default\">Studying your customers\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-807d944 elementor-widget elementor-widget-text-editor\" data-id=\"807d944\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>To conduct your market research successfully, collecting information about your target customers is essential. To do this, you can:<\/p><ul><li class=\"bullet-arrow\">Conduct surveys (mail, phone, in-person, etc.);<\/li><li class=\"bullet-arrow\">Bring together one or more focus groups;<\/li><li class=\"bullet-arrow\">Consult statistical registers, databases, and existing market studies;<\/li><li class=\"bullet-arrow\">Contact associations and read business reviews related to the sector;<\/li><li class=\"bullet-arrow\">Refer to specialists;<\/li><li class=\"bullet-arrow\">Etc.<\/li><\/ul><p>The factors to be considered when analyzing your information will not be the same if your potential customer is an individual vs. a business.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-aa60629 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"aa60629\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-9a2cdc4\" data-id=\"9a2cdc4\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3f797ac elementor-widget elementor-widget-heading\" data-id=\"3f797ac\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<div class=\"elementor-heading-title elementor-size-default\">Studying your competitors<\/div>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-123a4f8\" data-id=\"123a4f8\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a205571 elementor-widget elementor-widget-text-editor\" data-id=\"a205571\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Analyzing your competitors is an important part of your market research.<\/p><p>Are they established in your region? Do you offer the same products or services? What more do you offer? Where do you stand in your market compared to them? All these questions (and more!) must be taken into account in your market research.<\/p><p>To learn more about your competitors, you can:<\/p><ul><li>Visit their website;<\/li><li>Go to their business;<\/li><li>Consult statistical registers and databases;<\/li><li>Test their products;<\/li><li>Read reviews related to the sector;<\/li><li>Meet with suppliers;<\/li><li>Attend trade shows, fairs, and exhibitions;<\/li><li>Etc.<\/li><\/ul><p>There\u2019s no set-in-stone method for conducting an effective market study, since each business is unique. To get advice that matches your situation, don\u2019t hesitate to contact your SADCs and CAEs.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Market research is a crucial step in the startup of your business. This is what will confirm or disprove the viability of your project. Three factors must be taken into account when conducting your market research: the market in general, your target customers, and your competition. 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