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Are You Planning To Set Up A New Business Without Knowing The Market?

Are You Planning To Set Up A New Business Without Knowing The Market?

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Are You Planning To Set Up A New Business Without Knowing The Market?

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  1. ARE YOU PLANNING TO SET UP A NEW BUSINESS WITHOUT KNOWING THE MARKET? centurionconsulting.ae

  2. Know your market • 80% of new startup businesses generally exit because of poor market research. The thumb rule – prior to a starting a new business, always do your market research. • Imagine going for an examination without studying. Why would you want to increase your chances of failure? • This same rule applies when you think of setting up a new business.

  3. Understand your Market Ready set up something new in the market? Great idea ! Because you know you will stand out. When stepping in a competitive market, you should be aware of the market well enough. Conducting a market research isn’t difficult but having a professional marketing research company will always help. The next slides will guide you on your market research journey.

  4. Know your audience • Knowing your audience is one of the most crucial criteria of market research. • Knowing the needs that exist and mindset of the audience towards a product/service is critical too. • Finding your potential audiences like, dislikes and competitor preferences is beneficial to pricing and product offering.

  5. Dig into Competition • Competition is the spice of the market. • Before starting up your new business make sure you study about who is your direct or indirect competition. • Know the threats you might face from competition, know their strengths and weakness. • Preparing yourself to outdo the competition is one of the main reasons to conduct a market research study.

  6. The Magic of Selling • Having the same product/service is absolutely fine in a competitive market. What is your differentiator? • How to make your product / service more attractive • How will you sell it better than what already exists. • What is your USP (Unique Selling Point) against the competition that will get you customers. • And to identify the same, you can contact a marketing and branding consultant to guide you.

  7. 50% of new businesses fail to succeed because they find it difficult to cope up with the market. • Polish your marketing skills and work towards optimum customer satisfaction.

  8. Final Word • Studying the market needs before launching your product/services is the key to success. • People, in excitement tend to forget this key point that leads to 50% out of 80% business not succeeding. • If you are in UAE you should not shy away from exploring the services offered by amarket research company in dubai.

  9. Read more about - HOW TO CONDUCT MARKET RESEARCH TO SET UP A SUCCESSFUL NEW BUSINESS Thank you centurionconsulting.ae/

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