Successful businesses require 2 things: people who want what you sell, and people who are willing to pay for it. In essence, that's market demand.
Think of it this way: Before you set up a lemonade stand, it's good to know how likely your neighbors are to buy your product, as well as how much they're willing to pay. This prevents you from spending money on lemons, only to learn that they'd rather have soda.
By identifying market demand, you can create a product or service that people want (and one that's better than alternatives). In other words, you'll achieve product-market fit, which sets your business up to win big. Research should play a role in every stage of your business. But before you launch, our Senior Research Manager Chelsea Fletcher shares her top tips on how to:
- Identify a problem you want to solve
- Collect qualitative insights
- Find and analyze data
- Create an offering that sells