Business Name/Company Logo
Also include your competitors in this section and illustrate how
your business is different. What are their strengths and
weaknesses, and how will you differentiate yourself from the pack?
Market Research
Market research is an important element of a business plan. It
further engages your target audience about the products,
features, and services they want or need through polls, surveys,
focus groups, social media monitoring, and other methods that
help convince them of the need for your business and the
solution(s) it offers.
Primary vs. Secondary Market Research
Primary research is generally conducted directly by your business,
while secondary research is generally outsourced or found in
existing online databases.
Since primary research is conducted by your company, you own
the data. Secondary research, by contrast, is done by someone
else to support your primary research, but you don't own the data.
It's important to do both types of market research, because they
have different purposes: Primary research yields direct results
about your audience, while secondary research backs up the
insights gleaned from your primary research.
Follow these steps to conduct market research: