West Virginia Department of Commerce Market Research

Follow us!
Join our social network:

Find us on Facebook Commerce
Follow us on Twitter Commerce
Find us on Facebook Jobs & Training
Follow us on Twitter Jobs & Training
Watch us on YouTube Commerce Channel
Recent Pages: Market Research
 

Market Research



According to Entrepreneur Magazine, the greatest product or service will never make it off the shelves if no one wants it. Before you shift into high gear, you must determine whether there really is a market for your product or service. Not only that, you need to ascertain what - if any - fine-tuning is needed. Quite simply, you must conduct market research.

Many business owners neglect this crucial step in product development for the sole reason that they don't want to hear any negative feedback. Other entrepreneurs bypass market research because they fear it will be too expensive. With all the other startup costs you're facing, it's not easy to justify spending money on research that will only prove what you knew all along: Your product is a winner.

Regardless of the reason, failing to do market research can amount to a death sentence for your product. The companies that do the best are the ones that do their homework.

Market Research Methods
In conducting your market research, you will gather two types of data: primary and secondary. Primary research is information that comes directly from the source, that is, potential customers. You can compile this information yourself or hire someone else to gather it for you via surveys, focus groups and other methods. Secondary research involves gathering statistics, reports, studies and other data from organizations such as government agencies, trade associations and your local chamber of commerce.

Secondary Research
The vast majority of research you can find will be secondary research. While large companies spend huge amounts of money on market research, the good news is that plenty of information is available for free to entrepreneurs on a tight budget. The best places to start? Your local library and the internet.

To help you get started, make an appointment at the WVSBDC center nearest you.