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The Coca-Cola company knows its customers. They know how many ice cubes people put in a glass, how many Coke commercials people see each year, and that people prefer cans of soda from vending machines at a temperature of 35 degrees.
You need to make sure your business idea is a good one and you need to know about the people who may use your business. Researching your market is the way you do that. Your research might include:
- A survey of neighbors and friends
- Gathering statistics about the biz and audience
- Information about who else is doing the same business in your area
Businesses that appeal to a small group of people or one that offers the same thing as lots of other businesses are disasters waiting to happen. Listen closely to the people you survey and talk to. You might not want to pay attention to some of the negative things people say. But you have to. You don’t want to start a business that has no chance of success.
Don’t forget that your research might lead to an idea you hadn’t thought about before. Be open to unexpected ideas. They might lead to exciting outcomes.
Learn more about your
customers and your
competition.
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©2005 Brooklyn Public Library
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