At Rise Up we are fortunate enough to have many people bounce into the Elevator full of enthusiasm about a new business idea they want to launch.
And there’s nothing like market research to take the wind from their sails!
The mention of those two words, ‘market research’, can cause a negative change in body language, often followed by an attempt to avoid it with claims such as ‘but I already know there’s demand for this type of thing’. But how do you know? At this stage many people are relying on their own experiences, which can be useful but also heavily biased by their own view of the world, their interests and the circles they mix in amongst other things.
A good example of this was with a student I spoke to about a new health product he had an idea for. This student didn’t want to slow down the process of launching his business by going through the time consuming effort of market research, particularly when he knew that ‘everybody was into being healthy these days’ and that all his friends really loved the idea.
But here’s the problem. As people we are drawn into friendship groups of those who share similar interests and values and these groups influence who we are as people. You can therefore see why this student made the assumptions that he did, most of his friends were into keeping healthy, and of course they thought it was a great idea, they were all very much like him and who’d want to upset a friend anyway?
But if you want to run a successful business you can’t just sell to your friends!
Therefore if you have a business idea, it’s usually wise to take time to discover what’s happening in the wider world and gain the thoughts and opinions of your potential target customers who aren’t your friends. Use this to influence and adapt the plans for your business and you’ll be much more likely to succeed with your venture.
If you’re a Newcastle University student or graduate, Rise Up can help you with your market research so please get in touch!